{"value":{"id":1521293,"askingMemberId":4788,"askingMember":null,"house":"Commons","memberHasInterest":false,"dateTabled":"2022-10-12T00:00:00","dateForAnswer":"2022-10-17T00:00:00","uin":"62143","questionText":"To ask the Chancellor of the Exchequer, what estimate he has made of the potential cost to the Treasury of his proposed cuts to stamp duty.","answeringBodyId":14,"answeringBodyName":"Treasury","isWithdrawn":false,"isNamedDay":true,"groupedQuestions":[],"answerIsHolding":false,"answerIsCorrection":false,"answeringMemberId":3912,"answeringMember":null,"correctingMemberId":null,"correctingMember":null,"dateAnswered":"2022-10-17T00:00:00","answerText":"<p>On 23 September 2022, the Chancellor announced a permanent cut to Stamp Duty Land Tax (SDLT). The Government has increased the nil-rate threshold for residential SDLT from £125,000 to £250,000 as part of the Growth Plan. The nil-rate threshold for first-time buyers has also been increased from £300,000 to £425,000. The maximum property value for which First Time Buyers Relief can be claimed increased from £500,000 to £625,000.</p><p> </p><p>The Government currently estimate this measure will have the following Exchequer impact:</p><p>2022-23: -£795 million</p><p>2023-24: -£1,450 million</p><p>2024-25: -£1,535 million</p><p>2025-26: -£1,595 million</p><p>2026-27: -£1,655 million</p><p> </p><p>These figures are set out in Table 4.2 of the Growth Plan 2022, available here: <a href=\"https://www.gov.uk/government/publications/the-growth-plan-2022-documents\" target=\"_blank\">https://www.gov.uk/government/publications/the-growth-plan-2022-documents</a></p>","originalAnswerText":"","comparableAnswerText":"","dateAnswerCorrected":null,"dateHoldingAnswer":null,"attachmentCount":0,"heading":"Stamp Duty Land Tax: Costs","attachments":[],"groupedQuestionsDates":[]},"links":[{"rel":"self","href":"/Questions/1521293","method":"GET"}]}