In the Finance (No 2) Act, 2000, I reduced the stamp duty rates on transfers of residential property at the lower end of the market for owner-occupiers and first time buyers. In particular, the revised regime is structured to facilitate those who are trying to buy their first home and who are faced with particular difficulties in the market at present. However, as the following table shows, owner-occupiers, who are not first-time buyers, also benefit generally from the revised stamp duty rates so that widows-widowers trading down would, in many instances, benefit from a lower rate of stamp duty – or, at worst, the same rate of duty – than/as that which prevailed previously. Only where the price of a house is in the price category of £300,001 – £500,000 would this not be the case. I have no plans, therefore, at present to introduce any further changes to the stamp duty structure.
Stamp Duty Rates for owner-occupiers