Reducing window of opportunity for Stamp Duty Land Tax

Temporary relief period

The SDLT ‘holiday’ began on 23 September 2022 and will end on 31 March 2025. This period offers significant reductions in SDLT for purchasers of residential properties.

Legislation background

The SDLT (Reduction) Bill amended Part 4 of the Finance Act 2003, providing temporary relief during this period.

Benefits for first-time buyers

The nil-rate threshold for First Time Buyers’ Relief increased from £300,000 to £425,000. Additionally, the maximum property value eligible for this relief has risen to £625,000.

This legislative change meant that all purchasers of residential property within the defined period will benefit from reduced or completely waived SDLT. This ‘holiday’ is a significant opportunity for those looking to buy property, especially first-time buyers.

• For potential buyers

If you’re considering purchasing a property, now is an opportune time to benefit from these reduced rates. Planning your purchase before the end of March 2025 will ensure you make the most of the SDLT reduction.

• For current property owners

If you’re contemplating selling your property, this period may result in increased buyer interest, potentially making it an ideal time to sell.

At Old Mill, we are committed to providing our clients with comprehensive guidance and support throughout these changes. Our team of experts are ready to assist you in understanding how these changes impact your specific situation and in planning your property transactions effectively.

The SDLT ‘holiday’ offers a unique opportunity for both first-time buyers and seasoned property investors. However, with the deadline approaching in March 2025, it’s crucial to start planning now.

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