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Posted: 18 November 2022
The Chancellor’s mini budget of 23 September has made a number of changes to the Stamp Duty Land Tax rules with effect from 23 September 2022. As the cost-of-living crisis tightens and mortgage interest rates are increasing, this news will be welcomed by buyers who, without these measures, could have been thousands of pounds worse off.
Stamp Duty Land Tax (SDLT) is a tax charged by the Government when you buy a property in the UK. The amount due depends on the value of the property and whether you are a first-time buyer or not.
The SDLT nil rate has been permanently increased from £125,000 to £250,000 for all non-first-time buyers. The SDLT bands, therefore, now stand as follows:
£0 – £250,000 – NIL RATE
£250,001 – £925,000– 5%
£925,001 – £1,500,000 – 10%
Above £1,500,001 – 12%
The SDLT nil rate has permanently increased from £300,000 to £425,000 for all first-time buyers. The SDLT bands, therefore, now stand as follows:
£0 – £425,000 – NIL RATE
£425,001 – £625,000 – 5%
If the purchase price is over £625,000, first-time buyers cannot claim Stamp Duty relief and the rates would be the same as those for non-first-time buyers.
The permanent cuts are welcomed up and down the UK. The cuts are set to benefit the housing market and the broader economy, including job and social mobility. However, due to the current economic crisis relating to rising interest rates, housing may remain inaccessible since mortgage rates will continue to increase.
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- 10 October 2024
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- 20 September 2024