Stamp duty land tax cut retained - for now
The Autumn Budget contained a number of tax rises. However, one of the cuts from the mini-Budget in September was retained on a temporary basis. What's the full story?
Jeremy Hunt's first budget as Chancellor was marked by tax rises, albeit using "fiscal drag" rather than raising rates. This method raises additional revenue by freezing thresholds and allowances, such as the personal allowance. The speech was a contrast to the tax-slashing mini-Budget. Of course, most of the tax cuts announced in September have been abandoned. However, the cut to stamp duty land tax - including a doubling of the 0% band - were preserved.
The Chancellor confirmed that the measures would be kept, but that a sunset clause would be added. The cut will now end on 31 March 2025. The policy announcement document refers to all of the measures as "the SDLT cut" collectively, so it appears that the additional relief for first-time buyers will also be curtailed in 2025.
Related Topics
-
Capital gains tax break for job-related accommodation
You’re in the process of selling a property that you bought as your home but because of your job have never lived in. You’ve been told that you’ll have to pay tax on any gain you make, but might a special relief get you off the hook?
-
Should you revoke your 20-year-old option?
Your business has let out a building to a tenant and it is now just over 20 years since you opted to tax the property with HMRC. Should you revoke it so that your tenant no longer needs to pay VAT?
-
Chip shop owner fined £40k for hiring illegal worker
A Surrey fish and chip shop owner has been left in shock after being fined £40,000 for allegedly employing someone who didn’t have the right to work in the UK, even though he conducted a right to work check. Where did this employer go wrong and what can you learn from it?