Tories are planning to cut stamp duty in the autumn statement: Chancellor ... trends now
The Tories are considering plans to cut stamp duty in the final autumn statement before the next general election.
According to reports in The Times, Jeremy Hunt is weighing up increasing the threshold at which homebuyers pay stamp duty from £250,000 to £300,000.
Mr Hunt has previously hinted there could be a further 'fiscal event' before voters go to the polls in an effort to underline the Conservatives' tax-cutting credentials.
The threshold increase is believed to be costed at around £3 billion per year by the end of the decade and would mean around half of people buying a house would no longer need to pay stamp duty.
Michael Gove, the levelling-up secretary, has in the past repeatedly pressed Hunt and Sunak to make a 'bold offer' on housing.
Jeremy Hunt is weighing up increasing the threshold at which homebuyers pay stamp duty from £250,000 to £300,000
The threshold increase is believed to be costed at around £3 billion per year by the end of the decade and would mean around half of people buying a house would no longer need to pay stamp duty (stock image)
Currently people begin paying stamp duty at 5 per cent of the value of a property over £250,000
He supports cuts to stamp duty to help first-time buyers as part of a package to win round voters.
In February senior Conservative MP Robert Jenrick also supported cutting stamp duty in an article in the Daily Mail.
A senior Tory told The Times home ownership is key to driving economic growth and is 'at the heart of Conservative values'.
He told the paper a cut to the duty would send a signal to voters that the government 'gets it' and wants to help.
Currently people begin paying stamp duty at 5 per cent of the value of a property over £250,000, with the rate increasing to 10 per cent beyond £925,000 and as much as 12 per cent for
