Chancellor pledges to freeze stamp duty, CGT and council tax bands

Jeremy Hunt

The chancellor Jeremy Hunt has unveiled an election Family Home Tax Guarantee, where stamp duty and capital gains will not be increased over the next five years — while council tax bands will not be revalued or added.

Homebuyers currently pay stamp duty if their home costs more than £250,000.

Next March this will drop to £125,000 – taking the tax bill on an average-priced home in England from £2,386 to £4,886.

First-time buyers currently pay the levy if their home costs more than £425,000, which is set to drop to £300,000 in March next year.

In the March Spring Budget, Hunt cut capital gains tax to 24% from 28% for higher or additional rate taxpayers selling a residential property from 6 April.

Council tax bands in England are based on what the value of a home would have been on 1 April 1991.

They currently range from A (a property under £40,000) to H (a property above £320,000).

Jeremy Hunt, writing for The Telegraph, has challenged the Labour Party leadership to match this pledge.

“I am throwing down the gauntlet to [shadow chancellor] Rachel Reeves and [Labour leader] Sir Keir Starmer to join us in this pledge,” Hunt writes.

He added: “I actually want to see the Labour Party say they will put families first and higher taxes second.”

 

Labour’s former housing minister fails to rule out property tax rises

 

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One Comment

  1. watchdog13

    Bit flaming late!!!!

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