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First-time buyer? Stamp duty tax cuts revealed

17 October 2022

In the government’s recent growth plan, announced by the former chancellor on Friday 23 September, it was revealed that first-time buyers will only pay stamp duty land tax on homes worth over £425k, instead of those worth over £300k. This first-time buyers’ relief applies to properties worth up to £625k, instead of £500k.

In a statement from the new chancellor today (17 October 2022), Jeremy Hunt has confirmed that these changes to stamp duty will remain.

Alongside this, the nil-rate band has been doubled from £125k to £250k for all buyers, meaning that 200,000 people will be able to buy a home without paying stamp duty tax. However, the 3% surcharge applicable to purchases of “additional property” continues to apply in all cases, including properties that fall within the nil-rate band. Higher rates also still apply in certain circumstances, such as for purchases by companies, trusts or non-UK residents.

The changes to stamp duty are intended to allow people to “keep more of the money they earn… boost household consumption, increase economic confidence and support jobs.”

If you’re a first-time buyer, or moving house, and need help from our team of residential property lawyers, please don’t hesitate to contact us. As always, we’d be delighted to assist.

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Our highly rated residential property team has a reputation for excellence, and thoroughly and efficiently helping clients through a range of challenges that may arise.

Disclaimer: All legal information is correct at the time of publication but please be aware that laws may change over time. This article contains general legal information but should not be relied upon as legal advice. Please seek professional legal advice about your specific situation - contact us; we’d be delighted to help.
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