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Kwarteng announces Stamp Duty cut effective from today

LPL, like other conveyancers around the UK, are preparing for another peak in services demand as the announcement that stamp duty land tax (SDLT) would be cut as part of Kwasi Kwarteng’s mini-budget 2022.

This is a permanent cut which is effective from today, so it’s no surprise that Rightmove’s traffic soared within an hour of the announcement. It is the completion date, not exchange date, which is relevant, so completions which take place today can benefit.

“We’re cutting Stamp Duty Land Tax which will help more people to move, promote residential investment and boost first-time ownership. All alongside our housing supply reforms in today’s Growth Plan.” — HM Treasury (@hmtreasury) September 23, 2022

Kwarteng announces Stamp Duty cut effective from today
Image: (@hmtreasury) September 23, 2022

Key points from the announcement:

  • Kwarteng is to raise the SDLT-free threshold from £125,000 to £250,000.
  • For first-time buyers (FTBs) it will rise from £300,000 to £425,000.
  • The value of properties upon which FTBs can claim relief will also increase from £500,000 to £625,000.

If you have any queries please contact your case handler or visit https://www.gov.uk/stamp-duty-land-tax to see the latest information from HMRC.

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LPL is a trading style of Read Roper and Read Solicitors Limited which is a Company registered in England & Wales (Company No.11269980) and is regulated by the Solicitors Regulation Authority under registration number 658171. We have been awarded the Law Society´s Conveyancing Quality Scheme (CQS), an accreditation which recognises the country´s leading conveyancers. A list of Directors is available at the registered office. The term ‘Partner’, if used, denotes a Director.