No April Fool's joke, Stamp Duty is set to soar from 1st April 🚀
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What’s happening with Stamp Duty next week?:
🔸 Stamp Duty and Land Tax (SDLT) is a tax that’s paid to the government when you purchase a home
🔸 The amount of SDLT you pay will change from next week, on 1 April 2025
🔸 Until then, house purchases up to £250,000 attract zero SDLT payment but from 1 April, this threshold is set to reduce to £125,000
🔸 For the latest changes, rates and a few examples... See tables below:
No April Fool's joke: the same purchase next week will cost the Buyer an additional £2,500 with a whopping total tax requirement of £4,750 🍔
First-time Buyers (FTBs)
🔸 You can claim a discount (relief) if the property you buy is your first home
🔸 You’re eligible if you and anyone else you’re buying with are FTB
🔹 The current FTB calculation is as follows:
You’ll pay:
No SDLT up to £425,000
5% SDLT on the portion from £425,001 to £625,000
If the price is over £625,000, you cannot claim the relief. Follow the rules for people who’ve bought a home before.
🔹Changes from 1st April 2025
You’ll pay:
No SDLT up to £300,000
5% SDLT on the portion from £300,001 to £500,000
If the price is over £500,000, you cannot claim the relief. Follow the rules for people who’ve bought a home before.
Another example
🔹 Take a look at this example on a property purchase of £500,000
🔹 Before 1st April the payment for the Buyer is £3,750
The same purchase next week will cost the First-time Buyer an additional £6,250 with a sky rocketing total tax requirement of £10,000 🚀
And that's not all, there's lots more about SDLT when it comes to the Buyer's circumstances:
Rates for overseas Buyers
Rates for Buyers purchasing second homes
Rates for Company transactions
And more!
↗️ If you're interested to know specific rates on all of these, visit the Government's web page here ↗️
↗️ Are you in the process of buying a property? You can calculate your SDLT payment using this calculator ↗️
Interested in selling your property through us? Contact Head Valuer Lisa (lisa.dahl@cavendishproperty.co.uk) for an up-to-date valuation (or complete the form opposite ➡️).
📸 Lisa Dahl-Parsisson, Head Valuer and Asset Manager at Cavendish Residential 📸
☎📧🗨
🌟 Instant online valuation (immediate response, 60-70% accurate)... Click here 🌟
🌟 Remote consultant valuation (24-hour response, 80-90% accurate)... Click here 🌟
🌟 Face-to-face visit (time to suit you, 100% accurate)... Email expert valuer lisa.dahl-parsisson@cavendishproperty.co.uk to get started 🌟
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