The Chancellor has announced changes to stamp duty, building new homes and Capital Gains Tax
Chancellor Rachel Reeves delivered Labour's first budget to the House of Commons today , marking the country's first budget in history to be given by a female Chancellor.
However, first-time buyers will benefit as they continue to be exempt from paying stamp duty on homes priced up to £425,000. If a property is priced higher than this, they will only pay tax at 5 percent above £425,000 and up to £625,000. "This will support over 130,000 additional transactions from people buying their first home, or moving home, over the next five years."
“We will provide £3 billion of support in guarantees to boost the supply of homes and support our smaller housebuilders. And we will provide investment to renovate sites across our country, including at Liverpool Central Docks where we will deliver 2,000 new homes, and funding to help Cambridge realise its full growth potential.”
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