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This article was published on September 27th, 2022
There have recently been some significant changes to Stamp Duty Land Tax, and there’s a lot to digest. So, we thought we would give you a rundown of everything you need to know.
The changes were part of a mini-budget announced by the Chancellor on the 23rd of September, affecting those living in Northern Ireland and England. The threshold before you are required to pay Stamp Duty Land Tax has increased from £125,000 to £250,000 with immediate effect. There is further good news specifically for first-time buyers as the nil threshold for those purchasing their first property has increased from £300,000 to £425,000.
The maximum amount that you can pay for a property whilst still being eligible for First Time Buyers’ relief has also increased to £625,000. These changes mean that everyone purchasing a residential property to live in on or after the 23rd of September will pay less or no stamp duty tax.
These changes aim to support residents in England and Northern Ireland to get onto the property ladder and to help boost the housing marketing in order to encourage economic growth.
If you are buying or selling a residential property, or you simply want some specialist advice, our experienced conveyancing solicitors can help. We offer a fast and friendly service where you will have a dedicated person dealing with your transaction from beginning to end. To ensure that the process runs as efficiently as possible, our conveyancers will regularly keep in touch, updating you at each stage of the transaction.
Get in touch today to speak to a member of our conveyancing team by calling 0330 058 0118 or by filling out our simple enquiry form.