Chancellor acts on Stamp Duty

24 March 2010

Chancellor Alistair Darling has announced in today's Budget that stamp duty will be scrapped for first time buyers on homes less than £250,000, double the previous £125,000 level, from midnight tonight and for this year and next.

The chancellor said this would be funded by increasing stamp duty on properties over £1 million to 5%.

He said the market had stabilised and there was "slow recovery". This measure would mean nine out of ten first time buyers will pay no stamp duty.