Stamp Duty Land Tax (SDLT)
Slightly better news for home buyers.
Please see below what the changes mean for you, after recently bringing in SDLT changes in England and Northern Ireland as follows:
Table of potential savings
| SDLT charge for standard home mover (£) | SDLT charge for first time buyer (£) | |||||
|---|---|---|---|---|---|---|
| Price (£) | As at 22 September 2022 | As at 23 September 2022 | Saving (£) | As at 22 September 2022 | As at 23 September 2022 | Saving (£) |
| 200,000 | 1,500 | 0 | 1,500 | 0 | 0 | n/a |
| 400,000 | 10,000 | 7,500 | 2,500 | 5,000 | 0 | 5,000 |
| 600,000 | 20,000 | 17,500 | 2,500 | 20,000 | 8,750 | 11,250 |
Case study – standard home mover
Average England House Price (Land Registry Data July 2022) – £312,000
Current SDLT bill – £5,600
New SDLT bill – £3,100
Saving is £2,500 (-45% of original bill)
Background on Stamp Duty Land Tax
- Stamp Duty Land Tax (SDLT) is a tax you pay whenever you purchase a house in England or Northern Ireland.
- Different rates of SDLT are paid on properties depending on their price once they pass a threshold, which from today will be £250,000.
Table: Standard Residential SDLT rates from 23 September 2022
| Property Value | Standard Residential Rates |
| £0 – £250,000 | 0% |
| £250,000 – £925,000 | 5% |
| £925,000 – £1,500,000 | 10% |
| £1,500,000+ | 12% |
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