Stamp Duty Land Tax Reversal

In the mini-budget from the ex-Chancellor, Kwasi Kwarteng, in September 2022, the government announced that Stamp Duty Land Tax was being reduced in England. This came after the then-Prime Minister Liz Truss insisted that cutting tax was “critical” for economic growth and was designed to make it more affordable for people to move house.

Fast forward two months. We have a new Prime Minister and a new Chancellor, and this tax cut (which was expected to be permanent) has now been given a deadline date – 31 March 2025.

After 31^st March 2025, the changes to Stamp Duty made in the September 2022 mini-budget will be reversed, essentially making this period another “Stamp Duty holiday” rather than a permanent reduction of tax.

This means that from 1 April 2025, the cost of a property on which you start paying stamp duty tax will revert back to £125,000 from £250,000, and to £300,000 from £425,000 for first-time buyers.

If you are looking to speak to a Conveyancer, please contact a member of our team today. We have offices in Leamington Spa, Hinckley and Market Bosworth.