Client accessAutumn Statement 2022 – Stamp duty land tax
Budget Summary
- Income tax
- National insurance contributions
- Capital gains
- Inheritance tax
- Stamp duty land tax
- Land transaction tax
- Business
- VAT
- Vehicles
- Welfare, work and pensions
- Energy
A number of changes were made to the Stamp Duty Land Tax (SDLT) regime earlier this year and these remain. Generally, the changes increase the amount that a purchaser can pay for residential property before they become liable for SDLT.
The residential nil rate tax threshold increased from £125,000 to £250,000.
The nil rate threshold for First Time Buyers’ Relief increased from £300,000 to £425,000 and the maximum amount that an individual can pay while remaining eligible for First Time Buyers’ Relief increased to £625,000.
The changes apply to transactions with effective dates on and after 23 September 2022 in England and Northern Ireland. These changes do not apply to Scotland or Wales which operate their own land transactions taxes.
There are no changes in relation to purchases of non-residential property.
| ResidentialBand £ | Rate% | Non-residentialBand £ | Rate% |
| 0 – 250,000 | 0 | 0 – 150,000 | 0 |
| 250,001 – 925,000 | 5 | 150,001 – 250,000 | 2 |
| 925,001 – 1,500,000 | 10 | Over 250,000 | 5 |
| Over 1,500,000 | 12 |
Higher rates may be payable where further residential properties are acquired.
However, the government has now confirmed that these changes will be a temporary SDLT reduction. The SDLT cut will remain in place until 31 March 2025 to support the housing market.
