Changes to Stamp Duty
The Chancellor Kwasi Kwarteng announced changes to stamp duty (SDLT) with immediate effect in the government's mini-budget on 23 September.
The rates are now:
0%: £0 - £250,000
5%: £250,001 - £925,000
10%: £925,001 - £1,500,000
12%: £1,500,000+
Discounted stamp duty for first-time buyers will now apply to properties costing up to £625,000 - up from £500,000 - where no SDLT will be payable up to £425,000 and then 5% SDLT on the portion from £425,001 to £625,000. If the property value is over £625,000 no relief is allowed.
Posted on 10/06/2022 by Ortolan