The ‘mini-budget’ issued on 23rd September 2022 has again altered the way in which SDLT (Stamp Duty Land Tax) will be charged on property transactions in the UK.
The nil threshold for SDLT is the value of the property which is not charged to SDLT. Previously, the first £125,000 of the purchase price of a property was not charged against SDLT. Anything over £125,000 was subject to the applicable rate of SDLT. Following the recent changes, this threshold has instead increased to £250,000.
First time buyers benefit from a higher threshold which was previously set at £300,000 and this has now risen £425,000.
The first time buyer relief is subject to a maximum purchase price which was previously £500,000 but this has now increased to £625,000.
If you would like to discuss how these changes might affect you or you would like a free conveyancing quote to factor in these changes please do not hesitate to contact us, fill out our contact form, and we would be happy to discuss your requirements in further detail.