{"id":68312,"date":"2024-06-08T00:59:19","date_gmt":"2024-06-08T00:59:19","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/08\/rishi-sunak-to-pledge-stamp-duty-cut-for-first-time-buyers\/"},"modified":"2024-06-08T00:59:19","modified_gmt":"2024-06-08T00:59:19","slug":"rishi-sunak-to-pledge-stamp-duty-cut-for-first-time-buyers","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/06\/08\/rishi-sunak-to-pledge-stamp-duty-cut-for-first-time-buyers\/","title":{"rendered":"Rishi Sunak to pledge stamp duty cut for first-time buyers"},"content":{"rendered":"
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A pledge to permanently get rid of stamp duty tax for first-time buyers of properties costing up to \u00a3425,000 is expected to be included in the Conservative manifesto.<\/b><\/p>\n

The tax is paid when someone buys a property in England and Northern Ireland.<\/p>\n

What is known as the nil-rate threshold for First Time Buyers\u2019 Relief up to \u00a3425,000 is currently due to expire at the end of March next year.<\/p>\n

It comes with the party seeking to move on from the row<\/a> about the prime minister\u2019s decision to leave D-Day commemorations early on Thursday.<\/p>\n

In a televised debate on Friday, Conservative Cabinet Minister Penny Mordaunt said the prime minister’s decision was “completely wrong”.<\/p>\n

Their manifesto, which is expected to be published in the coming days, is not thought to include any pledge on inheritance tax.<\/p>\n

However, Prime Minister Rishi Sunak will vow, that if re-elected on 4 July, he would scrap National Insurance, albeit when it is deemed affordable to do so – something Chancellor Jeremy Hunt has previously committed to<\/a>. <\/p>\n

Labour have frequently attacked the party for making the promise, calling it<\/a> an “unfunded pledge”. <\/p>\n

The Labour Party and the Liberal Democrats will also publish their manifestos next week.<\/p>\n

The Scottish National Party\u2019s prospectus is expected the week after.<\/p>\n

Stamp duty is devolved to governments in Wales and Scotland, where it is called the Land Transaction Tax and the Land and Buildings Transaction Tax respectively.<\/p>\n<\/div>\n

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The stamp duty tax cut for first-time buyers was first introduced in 2022 by Liz Truss during her brief spell as prime minister. <\/p>\n

At the time, her Chancellor Kwasi Kwarteng said the change would remove 200,000 people from having to pay stamp duty. <\/p>\n

Her government also raised the threshold at which other buyers had to start paying the tax from \u00a3125,000 to \u00a3250,000.<\/p>\n

The rates are currently:<\/p>\n