UK Stamp Duty Changes

What Homebuyers Need to Know:

Recent changes to Stamp Duty Land Tax (SDLT) will affect most homebuyers in England and Northern Ireland. Here's what you need to know:

📈 The standard SDLT threshold has been reduced from £250,000 to £125,000, meaning buyers will start paying tax on property values above £125,000.

🏠 First-time buyers still benefit from relief, but the threshold has dropped from £425,000 to £300,000 (for properties worth up to £500,000).

💰 The new rates are: • 0% on properties up to £125,000 • 2% on the portion from £125,001 to £250,000 • 5% on the portion from £250,001 to £925,000 • 10% on the portion from £925,001 to £1.5 million • 12% on any portion above £1.5 million

📊 Approximately 80% of homebuyers will now pay more Stamp Duty than before these changes.

🔍 For example, a non-first-time buyer purchasing a £350,000 property will now pay £7,500 in SDLT, up from £5,000 previously.

If you're planning to buy or sell property, these changes could significantly impact your costs. Contact D&A Solicitors for expert advice on how these SDLT changes affect your specific situation. Our conveyancing team can help you navigate these new rules and ensure a smooth property transaction.

Contact us today for more information!