Stamp Duty Land Tax New Rates 23 September 2022

by Matthew Butcher, Solicitor - Stamford Bridge Office
 23 Sep 2022

The Chancellor of the Exchequer has  announced a permanent change to the  rates of Stamp duty Land Tax (SDLT) liability, effective from 23^rd September 2022.

From 23rd September the new rates of SDLT will be:

Property value                                  SDLT rate

Up to £250,000                                  ZERO

£250,001-£925,000                           5%

£925,000-£1.5 million                     10%

Above £1.5 Million                           12%

First Time Buyers

First Time Buyer’s Relief has been extended so that First Time Buyers will be exempt from SDLT for the first £425,000.  The value of a property allowable under the relief has been increased to £625,000.

Additional property surcharge

It should be noted that the 3% surcharge continues to apply on top of the  amended  Rates.

This would mean that where you buy additional property (eg as an investment) for £250,000 or less, you would still be liable to a 3% SDLT charge.

If you would like to discuss this or any conveyancing matter please do not hesitate to contact one of our specialist solicitors.