Budget October 2024 - Stamp Duty Land Tax

With effect from 31 October 2024, the additional rate of Stamp Duty Land Tax (SDLT) payable by individuals buying second or additional properties and by companies purchasing residential properties increased from 3% to 5% above the standard SDLT rates.

The discounted SDLT thresholds for first time buyers will reduce from 1 April 2025. Currently first time buyers pay no SDLT on property purchases up to £425,000. From April 2025, this will revert to £300,000. From April 2025, no first time buyer SDLT relief will apply for properties purchased for £500,000 or more (currently those in excess of £625,000).