The Stamp Duty Land Tax (Reduction) Bill 2022-23 has been introduced. And has gone through its first and second readings in the House of Commons.
The Bill has so far survived Liz Truss’ mini budget. But some are now questioning whether it will survive Rishi Sunak’s coronation as Tory leader.
If successful, it will mean that an estimated 43% of transactions each year will pay no stamp duty at all. It will increase the threshold from £125,000 to £250,000. First time buyers threshold has already been increased from £500,000 to £650,000.
The Bill will not remove the 3% surcharge on second home and buy to let properties.
The purpose is to keep the housing market strong. Which in turn assists industries. Such as tradesmen of all kinds and removal companies.
