On the stamp duty front the Budget announcements (or lack of them) were unexpected.
On the one hand the Chancellor announced a chunky increase to the SDLT surcharge for those buying second homes. That surcharge is rising from 3% to 5% with effect from 31 October 2024. The same increase from 15% to 17% also applies to companies buying residential property for more than £500k from the same date.
On the other hand Rachel Reeves didn’t confirm she was going ahead with a 1% increase in SDLT on the purchase of residential property by non-UK residents from 2% to 3%. This had been in Labour’s manifesto. Maybe that will happen next year. She also didn’t draw attention to the nil rate bands due to fall for those buying residential property from 1 April 2025 to £125k in general and £300k for first time buyers at a cost...
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Home >Articles > Autumn Budget 2024: property taxes
Autumn Budget 2024: property taxes
On the stamp duty front the Budget announcements (or lack of them) were unexpected.
On the one hand the Chancellor announced a chunky increase to the SDLT surcharge for those buying second homes. That surcharge is rising from 3% to 5% with effect from 31 October 2024. The same increase from 15% to 17% also applies to companies buying residential property for more than £500k from the same date.
On the other hand Rachel Reeves didn’t confirm she was going ahead with a 1% increase in SDLT on the purchase of residential property by non-UK residents from 2% to 3%. This had been in Labour’s manifesto. Maybe that will happen next year. She also didn’t draw attention to the nil rate bands due to fall for those buying residential property from 1 April 2025 to £125k in general and £300k for first time buyers at a cost...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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