In a major policy announcement ahead of the Conservative Party’s upcoming manifesto reveal, Prime Minister Rishi Sunak has pledged to abolish stamp duty on homes valued up to £425,000 for first-time buyers. This move, reported by The Telegraph, is expected to benefit approximately 200,000 households annually.
Currently, stamp duty land tax applies to property sales over £250,000. However, starting from March next year, the threshold is set to decrease to £125,000 following the end of a “temporary” relief period. This adjustment will broaden the tax’s scope, impacting more buyers with potentially increased costs.
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