Published: 29/09/2022
STAMP DUTY CHANGES - ENGLANDThe mini-budget was announced last Friday in England and there are new changes to UK property buying, particularly around stamp duty. What does this mean?
These are the new price thresholds, after which stamp duty must be paid:
• After the first £250,000 for people who have purchased property previously it was £125,000.
• After the first £425,000 for first-time buyers, it is currently £300,000.
• For first-time buyers of homes in excess of £425,000 there will be a further 5% relief from £425,000 to £625,000 (it is currently up to £500,000)
LAND TRANSACTION TAX - WALES
It was announced that the Welsh Government will increase the nil-rate threshold for Land Transaction Tax, the country’s equivalent of stamp duty, from £180,000 to £225,000 from 10th October 2022.
The portion over £225,000 up to and including £400,000is at 6%
The portion over £400,000 up to and including £750,000 at 7.5%
The portion over £750,000 up to and including £1,500,000 at 10%
The portion over £1,500,000 at 12%
If you already own one or more properties you may need to pay the higher residential rates. See gov.wales for more information.
If you’d like to know anything else about how this would affect you or if you’re interested in buying call and speak to one of our friendly agents.