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The Chancellor confirmed the much-rumoured Stamp Duty Land Tax (SDLT) changes in his Summer Economic Update, as anticipated increasing the nil rate band from £125,000 to £500,000, so saving up to £15,000 for purchasers.
Before this change, the portion of a property priced between £125,000 and £500,000 had been subject to SDLT at between 2% and 5%.
The detail was better than expected:
First Time Buyer’s Relief is suspended for the duration of the extension, as it is better than the relief.
One other important point to note is that, under devolution, SDLT only applies in England and Northern Ireland. Wales and Scotland have their own equivalent taxes set by their parliaments.
Scotland has announced it will temporarily cut stamp duty, but the Welsh government has not yet said if it will follow suit.
The House of Commons Library has published a briefing document on the stamp duty cut for England.