Stamp Duty: What has changed?


From 23 September 2022, stamp duty rates changed in England and Northern Ireland as the amount required to begin paying stamp duty was increased to £250,000.

Residents in Wales, where stamp duty is known as ‘land transaction tax’, are required to pay on purchases above £180,000.


What is stamp duty?

When you purchase a property or land, you are required to pay a form of tax called Stamp Duty Land Tax (SDLT). The amount you pay can depend on the price of the property, the location of the property, whether you’re a first-time buyer or whether you’re a UK resident.

What are the prices now?

Those that are familiar with the tax rates pre-Covid will recognise the tiers as they return to their original percentages. This means that if you’ve bought a property in England or Northern Ireland from 23rd September 2022, you’ll have to pay the following:

Property Value

  SDLT rate

Up to £250,000

  0%

£250,001 - £925,000

  5%

£925,001 - £1,500,000

  10%

£1,500,001+

  12%

If you're a first-time buyer, you'll have to pay the following rates:

Property Value

  SDLT rate

£0 - £425,000

  0%

£425,001 - £625,000

  5%

£625,001 - £925,000

  8%

£925,001 - £1,500,000   

  10%

£1,500,001+

  12%


 

If you’ve bought a property in Wales from 1 July 2021, you’ll have to pay the following:

Property or lease premium or transfer value

  SDLT rate

Up to £180,000

  Zero

£180,001 to £250,000

  3.5%

£250,001 to £400,000

  5%

£400,001 to £750,000

  7.5%

£750,001 to £1.5m

  10%

£1.5m+

  12%


Paul Smith, CEO

Commenting on the mini-budget, CEO Paul Smith said: “I’m delighted that Liz Truss is following in the footsteps of Margaret Thatcher and understands the economy is fuelled by a healthy property market.

“Thatcher once said that she wanted a capital-earning democracy, which housing was the start of, and if you’re a man or woman of property, you’ve got something. 

“I absolutely agree, and clearly the new Prime Minister does, too.

“This mini-budget from Chancellor Kwasi Kwarteng is revolutionary on stamp duty - cutting it permanently, and not just introducing a holiday with a spurious deadline, is a massive boost for the market.

“This will give a massive confidence boost for those now wishing to sell.

“I am also pleased to see that our hard-working colleagues will benefit from a cut in the basic rate of income tax to help them with the cost-of-living crisis – Spicerhaart is nothing without our brilliant people.”