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We need to remind all buyers that stamp duty rates are changing on 1 April 2025.
Rates up to (and including) 31 March 2025 are
Property or lease premium or transfer value and SDLT rate
Up to £250,000 – Zero
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%
You pay SDLT at these rates if, after buying the property, it is the only residential property you own. If the purchase results in you owning two or more properties then you usually pay 5% surcharge on top of these rates.
Rates from (and including) 1 April 2025 are
Property or lease premium or transfer value and SDLT rate
Up to £125,000 Zero
The next £125,000 (the portion from £125,001 to £250,000) 2%
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%
and the second property surcharge still applies at 5%.
Buyers who can complete transactions before April 1, 2025, will benefit from the current, lower rates. It is crucial that buyers completing on/after 1st April factor the increased cost of SDLT into their budget.
If you have any queries or would like specific advice on how the changes may affect you then please contact us.