Stamp duty changes affect home buyers in England and Northern Ireland
Summary: Stamp duty is a tax paid by home buyers in England and Northern Ireland when purchasing properties over £250,000. It was first introduced in 1694 to fund wars and has evolved significantly over the years.
Recent changes include increased thresholds for first-time buyers, who are now exempt from stamp duty on properties up to £425,000, with relief available on homes priced up to £625,000. The tax structure has shifted to progressive rates, with the highest rate at 12% for properties over £1.5 million.
Starting October 31, buyers of additional properties will face a 5% surcharge, while non-UK residents will pay a 2% surcharge. The current thresholds will revert to previous levels in April 2025, impacting future home buyers.
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