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By Keith Johnston

23rd September 2022

The Growth Plan 2022 – Stamp Duty Land Tax

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The Chancellor announced a cut to Stamp Duty Land Tax (SDLT) on residential property purchases in England, effective from midnight on 23rd September.

Currently there is a nil rate band of £125,000, 2% is payable on the next £125,000, and 5% on the next £675,000. Higher rates of 10% and then 12% are payable on the purchase price over £925,000 and £1.5 million respectively. From 24th September, the nil rate band is doubled to £250,000 and the 2% band is abolished, but all other bands and rates remain unchanged. This results in a saving of £2,500.

A further announcement may reduce the amount of SDLT payable by first time buyers, who will now pay no SDLT on the first £425,000, rather than £250,000. Properties costing up to £625,000 will now be eligible for relief, rather than £500,000.

The amount of SDLT payable on commercial or mixed-use properties remain unchanged, with a nil rate band of £150,000. A further point to note is that the additional 3% SDLT payable by owners of more than one dwelling remains unchanged. This means the purchaser of a buy-to-let property for less than £250,000 will still pay SDLT.

To learn more about the Chancellor's Fiscal Statement and what it could mean for you and your business, you can watch our webinar from Monday 26th September using the button below.

Watch our Mini-budget Analysis webinar

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