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Labour confirms stamp duty for some first-time buyers would rise
The Guardian
|June 29, 2024
Stamp duty will rise for some firsttime buyers next year if Labour wins the election, the party has confirmed, as it plans to allow a temporary tax break enacted by the Conservatives to expire.
A party spokesperson said yesterday it would allow the threshold for stamp duty to fall back to £300,000, after it was raised to £425,000 in 2022 by Rishi Sunak, the then chancellor.
The clarification came after Keir Starmer appeared to announce the end of another tax break during a phone-in on BBC Radio 5 Live.
In 2022, Sunak said the higher threshold would last until April 2025, but he has since committed to making it permanent if he wins the election, at a cost of nearly £600m a year by the end of the parliament.
Labour has not made the same commitment, accusing the Conservatives of making unfunded promises, and the party confirmed it would allow the tax break to expire.
This story is from the June 29, 2024 edition of The Guardian.
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