The Conservative party is expected to include a commitment in their manifesto to permanently eliminate the stamp duty tax for first-time buyers of properties valued up to £425,000.
This tax is levied when a property is purchased in England and Northern Ireland.
The current nil-rate threshold for First Time Buyers’ Relief, which stands at £425,000, is set to expire at the end of March next year.
This comes as the party attempts to move past the controversy surrounding the prime minister’s early departure from the D-Day commemorations on Thursday.
During a televised debate on Friday, Conservative Cabinet Minister Penny Mordaunt criticized the prime minister’s decision, calling it “completely wrong”.
The party’s manifesto, which is anticipated to be released in the upcoming days, is not expected to contain any commitments regarding inheritance tax.
However, Prime Minister Rishi Sunak will pledge that, if re-elected on July 4, he will abolish National Insurance when it is financially feasible – a commitment previously made by Chancellor Jeremy Hunt.
The Labour party has frequently criticized the Conservatives for this promise, labeling it an “unfunded pledge”.
Both the Labour Party and the Liberal Democrats are set to publish their manifestos next week.
The Scottish National Party’s manifesto is expected to be released the following week.
Stamp duty is a devolved matter in Wales and Scotland, where it is referred to as the Land Transaction Tax and the Land and Buildings Transaction Tax, respectively.
