The Stamp Duty Land Tax (Temporary Relief) Act 2023 provides for a temporary cut to the stamp duty land tax chargeable on the acquisition of residential property.
The Temporary Relief has now received Royal Assent on February 8, 2023 following agreement by both Houses on the text of the bill.
The Bill increase the nil-rate thresholds for residential Stamp Duty Land Tax (SDLT) for purchases between September 23, 2022 and March 31, 2025.
During that period, the amount that a purchaser can pay for residential property before they become liable to pay SDLT will increase from GBP 125.000 to GBP 250.000.
In addition, the nil-rate threshold for First Time Buyers’ Relief is increased from GBP 300.000 to GBP 425.000 and the maximum amount that an individual can pay while remaining eligible for First Time Buyers’ Relief has increased from GBP 500.000 to GBP 625.000.
If you require assistance in relation to the above and/or would like to discuss anything further, please do not hesitate to contact email@example.com or your usual A.C.T. contact.