Speak to a specialist solicitor at our law firm in North Yorkshire.
Cuts to Stamp Duty Land Tax in the Mini-Budget September 2022
- AuthorAdele Holliday
You must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England and Northern Ireland. The amount of SDLT you pay depends on the price of the property.
In the Mini-Budget delivered by Chancellor Kwasi Kwarteng on 23 September 2022, cuts to SDLT were announced, which will be welcome news to many property buyers during a time of increasing costs of living.
In summary; the threshold before SDLT is paid in England and Northern Ireland has been raised to £250,000 (up from £125,000). For first time buyers, the starting point is higher - £425,000.
Chancellor Kwasi Kwarteng announced the changes as part of the government's Mini-Budget and they come into effect straight away (23 September 2022).
The rates are now:
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+
The chancellor added that discounted SDLT for first-time buyers can be applied to properties costing up to £625,000 - up from the previous cap of £500,000.
Talk to the experts in our residential property team for advice about your property purchase.