What are the Stamp Duty Land Tax changes?
On 23 September 2022, it was announced that the Stamp Duty Land Tax (SDLT) nil-rate threshold on residential property would be increased from £125,000 to £250,000.
Like the abolition of the 1.25 percentage point increase in NICs, the legislation to enact the SDLT change was already in progress when the U-turns were being made. As such, this threshold increase continues to apply.
What does it mean for you?
Unfortunately, the significant increases in mortgage interest rates mean the SDLT change is unlikely to provide the desired stimulus to the housing market.
The increase in the nil-rate threshold for first-time buyers, from £300,000 to £425,000, also continues to apply where first-time buyers purchase a property costing less than £625,000.
Do you need further guidance on the Stamp Duty Land Tax changes?
Our property tax specialists can help. We work hard to ensure they create smart and effective tax-efficient solutions for individuals, startups and other businesses. For more information please don’t hesitate to contact us on 0161 962 1855.