Another Deadline For The Residential Property Market!
Reasons to choose Wilson Browne
On 8th February 2023, the Stamp Duty Land Tax (Temporary Relief) Bill (previously called the Stamp Duty Land Tax (Reduction Bill) 2022-23) received Royal Assent to become the Stamp Duty Land Tax (Temporary Relief) Act 2023.
As part of the Government’s 2022 Growth Plan, increases to several SDLT thresholds for residential property were announced:
• An increase in the nil-rate SDLT threshold (from £125,000 to £250,000) for all purchases of residential property;
• For first-time buyers, an increase in the nil-rate SDLT threshold (from £300,000 to £425,000) as well as an increase of the maximum purchase price to which first-time buyer relief applies (from £500,000 to £625,000).
The changes applied to residential property purchases after 23rd September 2022 and were not originally intended to be time limited.
However, as part of the subsequent 2022 Autumn Statement (Medium-term Fiscal Plan), the government announced that the threshold increases would expire on 31 March 2025.
A date for your diary!
Posted:
Jenny Woodruff
Partner
Jenny is a Partner and head of the Residential Conveyancing Team. She has extensive knowledge of the conveyancing process, including: dealing with freehold and leasehold sales & purchases; new build purchases; remortgages; transfers of equity; shared ownership; help to buy transactions & general property advice.