Stamp Duty Update 2022

The UK Government have moved the Stamp Duty Land Tax (SDLT) goalposts once again, but as always, the residential conveyancing team at Fraser Dawbarns is on hand to guide you through the new rules.

In short, if you are purchasing your home from 23 September 2022, the following will apply –

• If you are a first-time buyer, have not owned a property or interest in a property anywhere in the world, you can claim relief from SDLT up to £425,000. This is a claimable relief and not an exemption from SDLT.

• If you are purchasing a replacement property to live in and the purchase price is £250,000 or less, then there will be no SDLT to payable.

• If you are purchasing a replacement property to live in and the purchase price is between £250,000 and £925,000, the SDLT payable will be 5%. For example, if you are purchasing at £420,000 the SDLT will be £8,500, a saving of £2,500.

• A SDLT return is still required for a property transaction between £40,000 and £250,000 in value.

There are still additional rates payable for purchasing a second property, as was the case prior to the mini budget announcement today (Friday 23 September 2022). Our team of knowledgeable conveyancers will be able to personally guide and advise you based on your individual situation.

In relation to leasehold properties and purchases by non UK nationals, please speak to one of our residential conveyancing team to confirm the potential SDLT liability and we will be more than happy to take you through the minefield which is SDLT. For more information, contact any of our offices for expert advice today.

Find out more about our residential conveyancing services here.

This article aims to supply general information, but it is not intended to constitute advice. Every effort is made to ensure that the law referred to is correct at the date of publication and to avoid any statement which may mislead. However, no duty of care is assumed to any person and no liability is accepted for any omission or inaccuracy. Always seek our specific advice.  Fraser Dawbarns LLP are always happy to provide such advice.