Property practitioners are reminded that the current SDLT rates are due to end on 31 March 2025. That might seem a long time away, but with some leasehold matters taking months, practitioners will find that the cliff edge might creep up on them. Of course, changes to SDLT are always hinted at and with an election looming large, this deadline might change. But for the time being, the government’s stamp taxes newsletter reminds us:
‘At the Growth Plan 2022, an increase in the thresholds of Stamp Duty Land Tax for residential property was announced. In the Autumn Statement 2022, the Chancellor announced that the threshold increases would be temporary. From 23 September 2022 to 31 March 2025:
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the nil-rate threshold of Stamp Duty Land Tax for residential property will be increased from £125,000 to £250,000
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the nil-rate threshold for first time buyers’ relief will be increased from £300,000 to £425,000
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the maximum amount that an individual can pay while remaining eligible to first time buyers’ relief will be increased from £500,000 to £625,000
From 1 April 2025, the thresholds will revert to the pre-23 September 2022 rates.’
Source: www.gov.uk.
More in this issue
- Care orders – contact
- Charitable bequests – ambiguities
- Child arrangements – domestic violence
- Client identification – walk-in client
- Contempt – sharing confidential information
- Contested probate – conditional orders
- Continuing competence – guidance
- Costs – poor will-drafting
- Drugs – classification
- EAT – extending time
- EAT – territorial jurisdiction
- Evidence – hair strand testing
- Executor remuneration – charging clauses
- Fact-finding – experts
- HMLR – PG19
- HMLR – PG52
- HMLR – PG76
- Inheritance – predatory marriage
- Knotweed – SC decision
- LSB – complaints