The Stamp Duty Land Tax (Temporary Relief) Act 2023 (see https://claritaxnews.com/capital-taxes/sdlt-mps-agree-to-reverse-threshold-increase-from-april-2025/) received Royal Assent on 9 February 2023.
The Act reduces temporarily the amount of stamp duty land tax (SDLT) chargeable on the acquisition of residential property by increasing the nil-rate thresholds for purchases between 23 September 2022 and 31 March 2025:
- the amount that a purchaser can pay for residential property before they become liable is increased from £125,000 to £250,000; and
- the nil-rate threshold for first time buyers’ relief is increased from £300,000 to £425,000
The maximum amount that an individual can pay while remaining eligible for first time buyers’ relief is increased from £500,000 to £625,000.
Related content from Claritax Books
Stamp Duty Land Tax is a well-written, user-friendly guide to the complexities of SDLT, written for accountants, solicitors and other tax professionals, with plenty of worked examples. Topics covered include basic principles, leasehold transactions, partnerships, trusts, reliefs, anti-avoidance legislation and recent tribunal decisions. Full reference is made throughout to relevant legislation, case law and guidance from HMRC.