Published On: Sun, Oct 22nd, 2023

POLL: Should Stamp Duty be slashed? | Personal Finance | Finance

The Prime Minister has had a tumultuous week with two by-election losses, but is hoping to turn the tides by introducing a round of cuts.

With an election on the horizon, Thursday’s losses in the Tamworth and Mid Bedfordshire by-elections don’t bode well for the Tories.

To combat this, senior Conservatives are weighing up slashing stamp duty as part of the 2024 election manifesto.

The hope is cutting stamp duty would not only benefit Britons, but give the economy a boost as people choose to take advantage and move home.

One senior Tory told The Times that reducing stamp duty would be “aspirational”.

A Tory source told the paper: “Cutting stamp duty would cost a lot of money but it is not a good tax because it disincentives people from moving, which is not good for the economy.”

Currently, stamp duty costs kick in at five percent of the value of a property over £250,000.

This increases to 10 percent for properties over £925,000 and 12 percent for homes over £1.5 million.

The amount you pay depends on when you bought the property, how much you paid for it and whether you’re eligible for relief or an exemption.

A Downing Street spokeswoman declined to comment on the reports and added: “I wouldn’t be able to speculate ahead of a fiscal event.”

What do you think? Should stamp duty be slashed? Vote in our poll below.

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