When buying a residential property in England or Northern Ireland you have to pay stamp duty land tax (SDLT) if the purchase price exceeds a minimum threshold set at £125,000 since 2006.
In last week’s Budget the Chancellor announced that the entry threshold for SDLT payable on residential properties would double to £250,000 for deals completed on or after 23 September 2022.
Where none of the purchasers of the property has ever owned a property they can take advantage of a first-time buyer minimum SDLT threshold of £425,000 increased from £300,000. If the property costs more than £625,000 (previously £500,000) the first-time buyer threshold does not apply.
The rates of SDLT were not changed in the Budget other than to remove the lowest rate. Tax is due at the following rates:
| Property Value | Only home | Second home or corporate buyer | Non-resident buyer |
| Entry threshold – £925,000 | 5% | 8% | 10% |
| £925,000 – £1,500,000 | 10% | 13% | 15% |
| £1,500,000 + | 12% | 15% | 17% |
| Property Value. | Only home | Second home or corporate buyer | Non-resident buyer |
| Entry threshold – £925,000 | 5% | 8% | 10% |
| £925,000 – £1,500,000 | 10% | 13% | 15% |
| £1,500,000 + | 12% | 15% | 17% |
When buying in Scotland or Wales you will pay the appropriate land taxes for those countries, which have different rates and thresholds.