Further to the Budget in October 2024, there have been changes to the Stamp Duty Land Tax rates. The temporary reductions that were introduced to the Stamp Duty thresholds in September 2022, will come to an end. Landlords, company purchases and purchasers of second or additional properties saw an immediate rise in the amount payable as the surcharge rose from 3% to 5%.
The remaining changes are due to come into effect from 1 April 2025 and will affect the stamp duty liability payable by first time buyers and purchasers of residential properties. Below is a comparison of the thresholds up to 31 March 2025 and the changes from 1 April onwards. If you wish to discuss how the changes will affect your matter, please contact our Conveyancing Department.
|
Thresholds up to 31 March 2025 |
Thresholds from 1 April 2025 |
|
£250,000 for residential properties |
£125,000 for residential properties |
|
£450,000 for first time buyers buying a residential property worth £625,000 or less |
£300,000 for first time buyers buying a residential property worth £500,000 or less |
|
£150,000 for non-residential land and properties |
£150,000 for non-residential land and properties |
Article written by –
Siobhan Caines (GCILEx)
Graduate Chartered Legal Executive
Please contact Siobhan at our Quadrant office on 02476227741 for any further assistance regarding a conveyancing matter.