ARTICLE · 14 OCTOBER 2022

What Is Stamp Duty And How Is It Changing?

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What does Kwasi Kwarteng's stamp duty cut mean for homebuyers in England?...

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What does Kwasi Kwarteng's stamp duty cut mean for homebuyers in England?

Stamp Duty (SDLT) is a tax that is charged when you purchase a property or land over a certain price in England and Northern Ireland.

The recent cut to stamp duty tax announced on 23 September 2022 was part of a wider "mini budget" announced by the new Chancellor, Kwasi Kwarteng. The government announced this cut as what they describe as: part of their commitment to an economy based on high growth and low tax, to help people keep more of the money they earn and drive business investment as a result. The cut in stamp duty was one of Liz Truss' promises when she ran to be the new leader of the Conservative Party.

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