Effective from 23 September 2022, there is an increase in the amount that a purchaser can pay for residential property before they become liable to Stamp Duty Land Tax (SDLT). The measure increases the residential nil-rate tax threshold from £125,000 to £250,000.
The 3% surcharge on additional dwellings continues to apply.
The nil-rate threshold for First Time Buyers’ Relief is increased from £300,000 to £425,000 and the maximum amount that an individual can pay for a property, while remaining eligible for First Time Buyers’ Relief, is increased from £500,000 to £625,000.
The measure means that individuals purchasing residential property on or after 23 September 2022 will pay less or no SDLT. This appears to be a permanent measure rather than for a time limited period.