Stamp duty cuts on residential property – mini-budget

Stamp duty cuts on residential property are effective from 23 September 2022 as the Chancellor announces mini-budget.

Following the announcement from the Chancellor in the mini budget today, the government has raised the Stamp Duty Land Tax (‘SDLT’) threshold from £125,000 to £250,000. This means that SDLT is not payable on residential properties costing up to £250,000.

In addition first-time buyers will now begin to pay stamp duty on residential properties with a value of £425,000, as opposed to the previous threshold of £300,000. First time buyers will have relief and at a discounted rate when they buy a property costing less than £625,000 rather than the current level of £500,000.

These changes are effective from today, 23 September 2022, and are said to be ‘permanent’ changes to the SDLT thresholds.

If you wish to discuss these changes then please do contact Robert Drysdale, Natalie Walford, or any other member of our Wealth Planning or Real Estate teams.

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