Ready to buy a property? You’ll need to know about Stamp Duty Land Tax (SDLT), and things are changing soon. Starting April 1, 2025, the rates will shift. Here’s what that means for you:
Standard Residential Purchases:
Now (Until March 31, 2025):
Up to £250,000: 0%.
£250,001 to £925,000: 5%.
£925,001 to £1.5 million: 10%.
Over £1.5 million: 12%.
From April 1, 2025:
Up to £125,000: 0%.
£125,001 to £250,000: 2%.
£250,001 to £925,000: 5%.
£925,001 to £1.5 million: 10%.
Over £1.5 million: 12%.
First-Time Buyers:
Now (Until March 31, 2025):No SDLT on properties up to £425,000, and 5% on properties between £425,001 and £625,000.
From April 1, 2025:No SDLT on properties up to £300,000, and 5% on properties between £300,001 and £500,000.
Additional Properties (Second Homes/Buy-to-Let):
A slight increase, with a 2% charge for properties between £125,001 and £250,000.
The Bottom Line:
You’ve got until March 31, 2025, to buy at the current rates. After that, expect higher costs. If you can, try to complete your purchase before the new rates kick in.
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