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  • Writer's pictureMartin Jones

A brief summary of the key points announced by the Chancellor yesterday afternoon for homeowners.

Stamp duty

Hunt confirmed in a statement a few weeks ago that the cut to stamp duty would remain in place but now he has set a date for it to end. He said: “The OBR expects housing activity to slow over the next two years, so the stamp duty cuts announced in the mini-budget will remain in place but only until March 31 2025.”

Capital gains tax

Tens of thousands of people will pay capital gains tax for the first time after changes announced in the Autumn Statement.

Hunt has halved the capital gains tax threshold, taking it from £12,300 to £6,000. It will then be cut to £3,000 from April 2024.

Council tax

Councils are to be given the power to hike council tax by 5% annually. At present, they cannot make increases of more than 3%, including a 1% precept to pay for social care without holding a local referendum.

To read the full article from Property Industry Eye please click on the link below ⬇️

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