At present, a fee of 5% to 12% of the ticket price is levied on property transactions over £250,000. The percentage increases as the property price increases.
Stamp duty is applicable to houses valued at £425,000 for individuals buying their first residence; however, this deal is scheduled to expire in March of the following year. The £425,000 floor should be permanent for new buyers, according to the Tories.
Conservatives have already targeted the tax as one area they wish to cut.
Liz Truss raised the floor price for first-time buyers from £300,000 to £425,000.
In addition, she increased the threshold for stamp duty on all other real estate purchases from £125,000 to £250,000; however, this will also return in March of the following year.
Although there are rumors that the relocation could cost up to £1 billion, the exact cost has not been disclosed.
The Conservatives anticipate that the annual tax promise will help about 200,000 people.
During an election debate, Penny Mordaunt, a Conservative candidate, stated: “Putting more money in your pocket is the best way to maintain the recovery.”
“That is why this election must be about us cutting your taxes.”
The Conservatives “I’ve already started doing that and you’ve heard some announcements,” she continued.
