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Property buyers will no longer benefit from stamp duty cuts after 31 March 2025, the Government has confirmed, with the introduction of the Stamp Duty Land Tax (Reduction) Bill 2022-23.

What is stamp duty?

Stamp duty land tax (SDLT) is a charge applied to the buyers of land and property, based on the value of the property. It applies only to properties priced above £250,000.

During Liz Truss’ short tenure as Prime Minister, the then Chancellor of the Exchequer, Kwarsi Kwarteng, introduced a stamp duty relief for first-time buyers and those purchasing lower-value properties.

For property purchases between 23 September 2022 and 31 March 2025, the standard rate of SDLT is:

  • 5% for properties valued between £250,001 to £925,000
  • 5% for first-time buyers for properties valued between £425,000 to £925,000
  • 10% for properties valued between £ 925,001 to £1,500,000
  • 12% for properties valued at £1,500,001 and up

For example, a house purchase of £1m during this time would incur an SDLT charge of £43,750.

Previously, the stamp duty rate applied for properties valued from £125,000, which meant that almost all property purchases were subject to SDLT.

What do the latest stamp duty changes mean for me?

It is expected that after 31 March 2025, the thresholds and rates will return to their previous levels. SDLT without the cuts reportedly raised £12 billion in the year to September 2022, but the relief was introduced in an attempt to boost the sluggish market.

Previous SDLT cuts ended in September 2021 and resulted in a highly congested property market as buyers rushed to make multi-thousand-pound savings ahead of the deadline, creating huge workloads for solicitors, estate agents, surveyors, and all other professionals in the market.

Concerns have already been raised about the likelihood of history repeating itself, and as such, it is recommended that prospective buyers do not wait until 2025 to begin their purchases.

To ensure that you benefit from stamp duty relief on your property purchase, you should commence the process as soon as possible.

Please note that this information is for general guidance only and should not substitute professional legal advice. If you have specific concerns, we recommend consulting one of our legal experts.


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