Going forward, there will be no stamp duty on the first £250,000 of a property purchase, instead of £125,000. 

First-time buyers will only pay SDLT on homes over £425,000, up from £300,000. First-time buyers' relief is available on properties up to £625,000 up from £500,000.

No change has been announced for additional property SDLT surcharges.

These changes apply to England and Northern Ireland and take effect immediately.

Next year’s planned increase in Corporation Tax is cancelled - this will therefore remain at 19 per cent, the lowest level in the G20 economies. 

From April 2023 the basic rate of Income Tax will be cut from 20p to 19p. The government will also at that time scrap the 45p additional rate completely to attract global talent and incentivise employment.

In terms of property and related issues, Kwarteng has also announced there will be long-term reform of the planning system outlined by the Levelling Up and Housing Secretary in the coming weeks. A new Bill will unpick planning restrictions by streamlining processes. To boost the housing supply, there will be an accelerated release of government-owned land;

- In the shorter term, specific Investment Zones will be identified for faster development with tax reliefs up to 10 years, and no stamp duty for some commercial and job-generating businesses in those areas;

Kwarteng says there are three priorities for the government:

•  Reforming the supply side of the economy
•  Responsible for public finances
•  Cutting taxes to promote growth

Other specific measures announced today include:

•  Incentives for those out of work to return to the labour market, or the risk-reduced benefits
•  Minimum service levels, by law, to reduce strike action in key industries
•  Pension fund investments will be unlocked to allow investment into targeted growth projects
•  Bonus cap for City bankers scrapped
• Enterprise Investment Scheme and Share Option plans will be enlarged
•  Office of Tax Simplification wound down, with the process devolved to all departments
• Guarantee that the Bank of England's financial independence will be maintained
•  VAT-free shopping for overseas visitors
• Planned duty rate increases for alcohol will be cancelled
• National Insurance increases proposed for 2023 were cancelled, as announced earlier this week, without reducing spending on NHS and social care services

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