Stamp Duty Land Tax — temporary reductions for residential properties
This tax information and impact note explains the temporary increases to the nil-rate bands for Stamp Duty Land Tax on residential property and to the amount that a First Time Buyer may pay while qualifying for relief.
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This document gives information about the changes and the impacts in the reduction of Stamp Duty Land Tax by temporarily increasing the:
- residential nil-rate threshold from £125,000 to £250,000
- nil-rate threshold for First Time Buyers’ Relief from £300,000 to £425,000
- maximum amount that an individual can pay for a home while remaining eligible for First Time Buyers’ Relief, from £500,000 to £625,000
The change will apply from 23 September 2022 to 31 March 2025.