In a final vote booster prior to the next general election, Chancellor Jeremy Hunt is considering a radical slash to Stamp Duty in this year's Autumn Statement.
It wouldn't be the first time a Conservative Chancellor has snuck in a change to Stamp Duty toward the end of the year, as back in the 2017 Autumn Budget stamp duty was completely cut for people purchasing their first homes where the value was under £300,000.
The changes back then also reduced stamp duty to 5 percent for property priced between £300k and £500k.
Stamp duty was then further cut in July 2020 so property up to £500k was nil rated. This was offered as a 'stamp duty holiday' and was part of an economy boosting package.
From April 2021 there have been further adjustments to stamp duty and now we have, in general, four progressive tax bands. First time buyers are nil rated up to £425,000, home movers are nil rated up to £250,000.
For the pre-election statement, Chancellor Hunt is rumoured to be considering raising the nil rated band for home movers to £300,000 (from the current £250,000) - a stamp duty saving of up to £2,500 for those purchasing property valued at up to £925k.
The cuts are likely to be amongst many others touted to be offered as a final giveaway following on from this year's Budget where national insurance was cut heavily for the second time.
For the current stamp duty rates, you can use our stamp duty calculator. It provides a quick and simple breakdown of the calculations and caters for first time buyers, home movers, buy to let/holiday homes and shared ownership.