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Conservatives Promise Permanent Stamp Duty Cut for First-Time Buyers in Upcoming Manifesto

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The Conservative Party is proposing a reduction in stamp duty for first-time home buyers in their upcoming manifesto. Currently, the initial stamp duty threshold is £425,000, a rate that was initially introduced during Liz Truss's tenure. This threshold is scheduled to decrease to £300,000 by March of next year, but the Conservatives are looking to make this lower rate permanent.

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Saturday, June 8, 2024, 10:

The Conservative Party has promised to reduce stamp duty for first-time homebuyers in its upcoming manifesto.

Currently, the tax is imposed on real estate transactions valued over £250,000, with the applicable rate varying between 5% and 12% depending on the cost of the property, escalating with higher prices.

For first-time homebuyers, the stamp duty threshold begins at properties valued at £425,000, but this incentive is scheduled to end in March of the following year. The Conservative Party is proposing to make this threshold permanent for new buyers.

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The tax has often been identified by Conservatives as a target for reduction.

Liz Truss increased the starting threshold for first-time home buyers to £425,000, up from the previous £300,000.

She increased the threshold for stamp duty on all additional property purchases from £125,000 to £250,000, though this change is scheduled to return to the original amount in March of the following year.

The exact financial implications of the transition have not been disclosed, but estimates suggest it could reach up to £1 billion.

The UK Election Leaders Special Event, titled "The Battle for Number 10," is scheduled to be broadcast live from Grimsby on Wednesday, June 12.

The Conservative Party anticipates that their promise on tax will assist approximately 200,000 families annually.

During a BBC election debate, Conservative candidate Penny Mordaunt stated, "The key to sustaining the recovery is to put more money in your pockets."

"This is why the focus of this election should be on reducing your taxes."

She noted that the Conservatives "have begun this process, and there have already been some announcements made."

"She further stated, 'Our manifesto next week will reveal more. We need to reduce taxes for individuals and ease the pressures on businesses.'"

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Earlier this week, prior to the announcement, David Phillips, an associate director at the Institute for Fiscal Studies, commented that stamp duty stands out as one of the most economically detrimental taxes imposed by the government.

He also mentioned that it is "drastically raising relocation expenses and causing congestion in both the housing and job markets."

"It shouldn't be raised – instead, it ought to be decreased or, better yet, eliminated altogether."

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Labour has previously revealed its intentions to establish the "freedom to buy" scheme as a permanent fixture.

The government steps in to provide guarantees for individuals applying for mortgages who can only afford a small down payment.

Sir Keir Starmer is also focusing on reforms in planning as a strategy to increase housing construction and reduce the cost of homes.

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