Question to the HM Treasury:

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.

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.

The Government currently estimate this measure will have the following Exchequer impact:

2022-23: -£795 million

2023-24: -£1,450 million

2024-25: -£1,535 million

2025-26: -£1,595 million

2026-27: -£1,655 million

These figures are set out in Table 4.2 of the Growth Plan 2022, available here: https://www.gov.uk/government/publications/the-growth-plan-2022-documents