What is stamp duty tax and how could a stamp duty cut affect homebuyers?
manchestereveningnews.co.ukHomebuyers in the UK could be affected by a potential stamp duty cut that is rumoured to be announced later this week. Prime minister Liz Truss and Chancellor Kwasi Kwarteng will deliver a 'mini budget' on Friday morning (September 23) where they are expected to make some major economic announcements and set out the government's plans to tackle the cost of living crisis.
It has been reported that the Prime Minister and Chancellor are likely to announce a cut in the stamp duty tax that homeowners have to pay in an attempt to help more young people get a foot onto the property ladder, reports The Times.
The news comes a year after the last stamp duty holiday which was brought in to boost the property market during the coronavirus pandemic.
It was introduced back in July 2020 by former Chancellor Rishi Sunak and ended in September 2021. READ MORE: Martin Lewis issues urgent warning to anyone who is buying a house amid potential stamp duty cut Stamp Duty Land Tax (SDLT) is a tax that is charged when you purchase a property or land over a certain price in England and Northern Ireland.
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