The SDLT (stamp duty land tax) threshold has been increased to £250,000 from £125,000 and will stay in place until March 2025, according to the Chancellor’s Autumn Statement.

SDLT is payable on residential properties purchased in England and Northern Ireland.

We’ve outlined the current SDLT rates here:

SDLT isn’t payable by first-time buyers purchasing properties up to £425,000, and they pay less for any property worth over £425,000 but less than £625,000. The standard rates (above) apply if they are paying over £625,000.

In Wales, Land Transaction Tax (LTT) is payable as an alternative to Stamp Duty Land Tax.

First-time buyers don’t receive any special exemptions – they pay the same as non-first-time buyers.

However, on 10th October 2022, the LTT threshold for all buyers increased from £180,000 to £225,000. Here is an outline of those changes below:

The cuts mean around two-thirds of properties in England and Northern Ireland are now exempt from SDLT for first-time buyers, potentially saving £11,250.

Non-first-time buyers will find that they don’t need to pay SDLT for around a third of all homes currently on the market in England and Northern Ireland, saving each buyer up to £2,500.

Tim Bannister, a property expert at RightMove, commented: “As the stamp duty cuts will still be in place for a couple of years, I don’t foresee a significant number of people bringing their plans forward to 2023, especially due to current affordability challenges. […] The time it takes to buy and sell a home is currently over six months, meaning people will need to be well on their way by late summer 2024 to make sure they don’t miss out on the savings.”

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