Stamp duty to be reversed in April 2025
Capital gains tax threshold reduced to £6,000
Inheritance tax threshold frozen at £325,000
Chancellor Jeremy Hunt has promised to keep Stamp Duty cuts in place until the end of March 2025, but the tax will rise after that date.
"This will create incentives to support the housing market by boosting transactions," he said.
The Chancellor said he would then "sunset" the cuts so that they are abolished but will be kept under review. He had previously said he would keep the Stamp Duty cuts but had not set a deadline for them.
MP for South East Cambridgeshire Lucy Frazer was confirmed as the latest Housing Minister as part of a department reshuffle yesterday.
Frazer becomes the ninth Housing Minister in the past five years.
A practicing barrister, Frazer was appointed a Queen's Counsel in 2013 and entered Parliament in2015.
She has previously been a Justice Minister, Solicitor General and Transport Minister.
Frazer has already been busy responding to Parliamentary questions.
Responding to a question on housebuilding targets on Monday, she said: "This Government is committed to making home ownership a reality for a new generation and we must build homes in the places that people want to live and work. We want decisions about homes to be driven locally and we want to get more local plans in place to deliver the homes we need. We will set out our approach on planning for housing in due course."
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The bank of England has hiked the interest rates by 0.75%, the biggest rise for more than 30 years.
UK house prices fell last month for the first time in more than a year as the market chaos sparked by the government's mini Budget drove up borrowing costs and hit household finances.
Nationwide yesterday said that residential property prices fell 0.9% between September and October - the first month-on-month drop since July 2021 when a cut to stamp duty was being phased out, and the greatest decline since June 2020 at the height of the coronavirus pandemic. Annual growth in house prices slowed from 9.5% to 7.2%.
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