Stamp Duty Land Tax Bands (SDLT)
The changes to Stamp Duty Land Tax (SDLT) that came into effect on 23rd September are:
The nil rate bank has been increased from £125,000 to £250,000 for all property buyers in England and Northern Ireland.
If you are a first-time buyer you will now not have to pay stamp duty if the property costs less than £425,001. In a further boost for first-time buyers the discounted stamp duty relief will now apply to properties priced up to £625,000 – an increase from £500,000.
The Stamp Duty Land Tax bands
0%: £0 – £250,000 (£425,000 for first-time buyers)
5%: £250,000 – £925,000
10%: £925,000 – £1,500,000
12%: £1,500,000+
Autumn Statement update 17 November 2022. The Chancellor of the Exchequer, Jeremy Hunt, has confirmed that these recent changes to SDLT will remain in place until 31st March 2025.
If you are thinking of moving or buying your first home get in touch with our conveyancing team or obtain a conveyancing quote by using our online quote tool.
