In the October budget, the Labour Government announced that it would be changing the rates of stamp duty land tax (‘SDLT’) for residential property purchases. With effect from the 1^st of April 2025, the rates will increase significantly.

Any purchases which complete on or after this date will be impacted by the changes. The increased rates will cause particular issues for individuals who own multiple residential properties and for non-UK resident buyers, due to the application of the higher rates of charge.

First Time Buyer’s Relief is also changing. There will be a reduction in the maximum purchase price on which it can be claimed to £500,000.00 and the 0% tax band will also decrease by £125,000.00.

No matter where you are up to with your purchase, careful consideration should be given to changes in the SDLT regime.

If you have any concerns, you should consult one of our dedicated tax specialists, John Feaster and Kieran Berry who are on hand to assist.