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Changes to Stamp Duty Land Tax
You must pay Stamp Duty Land Tax if you purchase a property or land over a certain price in England and Northern Ireland.
Paul Fursman
Senior Associate Solicitor
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In 2022 the “nil rate” threshold for Stamp Duty Land Tax was raised from £125,000 to £250,000, and from £300,000 to £450,000 for first time buyers, this is due to end in March 2025. This will mean those buying a property from April 2025 will pay more in Stamp Duty Land Tax.
SDLT on second homes increased from 3% to 5% on the 31st October 2024.
The Times recently reported on data from Savills which found that the average price for new homeowners in London is £480,040, so a first-time buyer at this level would pay an additional £6,250 from 1st April 2025. The scheme will add £2,500 of SDLT to the average house purchase. There is likely be a last minute flurry of deals as thousands of pounds will be at stake.
If you are currently purchasing a property and want to benefit from the current Stamp Duty Land Tax rates you need to complete your purchase by the end of March 2025.
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