5 October 2022
On Friday 23rd September the Chancellor announced some changes to the stamp duty thresholds in the mini budget. The threshold for payment of stamp duty has been raised to £250,000 which means that no stamp duty will be payable on a residential property costing up to £250,000 (unless a surcharged rate applies such as the 2nd home or non-UK resident surcharges).
With effect from 23rd September 2022 the Stamp duty thresholds are as follows:
£0 – £250,000= 0%
£250,001 – £925,000 = 5%
£925,001 – £1.5 MILL = 10%
£1.5 Mill above = 12%
The 3% surcharge for second homes will continue to apply as well as the non-UK residents charge but the changes have resulted in savings for most home buyers.
Company purchases continue to be charged at the higher rates but the increase in the lower threshold will generate a saving of up to £2,500.00 on an average buy to let purchase.
Changes were also made to the first-time buyer discount bringing greater savings for those buying their first home. No stamp duty is payable on the first £425,000 of the purchase price of a property costing up to £625,000.00 for first time buyers who intend to live in the property being purchased and are UK resident. If, however, the purchase price property being purchased exceeds £625,000 then the discount will not apply, and the standard stamp duty thresholds will continue to apply to the purchase.
Please call us or email and we’ll get back to you as soon as possible.
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