Cuts to Stamp Duty Land Tax in the Mini-Budget September 2022

You must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England and Northern Ireland.  The amount of SDLT you pay depends on the price of the property.

In the Mini-Budget delivered by Chancellor Kwasi Kwarteng on 23 September 2022, cuts to SDLT were announced, which will be welcome news to many property buyers during a time of increasing costs of living.

In summary; the threshold before SDLT is paid in England and Northern Ireland has been raised to £250,000 (up from £125,000).  For first time buyers, the starting point is higher - £425,000.

Chancellor Kwasi Kwarteng announced the changes as part of the government's Mini-Budget and they come into effect straight away (23 September 2022).

The rates are now:

                 Property Price

0%          : £0 - £250,000 (£425,000 for first time buyers)

5%          : £250,000 - £925,000

10%       : £925,000 - £1,500,000

12%       : £1,500,000+

The chancellor added that discounted SDLT for first-time buyers can be applied to properties costing up to £625,000 - up from the previous cap of £500,000.

Talk to the experts in our residential property team for advice about your property purchase.