12/12/2024

Stamp Duty Land Tax changes were an unexpected addition to the Chancellor’s Autumn Budget 2024.

The introduction of higher rates of SDLT for people purchasing second properties came into effect almost immediately on 31 October 2024, so if you had not exchanged contracts in advance of this date then the higher rates will apply.

The move blindsided residential property professionals and those currently midway through the process of purchasing additional properties either as second homes or buy-to-let investments.

Increases were also announced to the single rate of Stamp Duty Land Tax payable by companies and other ‘non-natural persons’ who purchase residential properties worth more than £500,000, from 15% to 17%.

The clear aim is to disincentivise the acquisition of second homes and buy-to-let properties to free up housing for main home and first-time buyers. However, the immediate introduction of these measures has created additional unexpected costs for people who are midway through their property transactions.

Summary of Stamp Duty Land Tax changes for second properties

• 5% (up from 3%) for properties valued up to £250,000
• 10% (up from 8%) for properties valued between £250,001 and £925,000
• 15% (up from 13%) for properties between £925,001 and £1.5million
• 17% (up from 15%) on anything over £1.5million

Need advice on buying a residential property?

To ensure a smooth property transaction, it is important to get advice from an experienced conveyancing and property solicitor. To speak to our five-star team about buying or selling leasehold or freehold properties, or about re-mortgaging, Stamp Duty Land Tax enquiries or transfer of equity, please call our Stoke-on-Trent solicitors on 01782 205000 or our Altrincham solicitors on 0161 929 8494.

Alternatively, to receive a quote for your property transaction, you can use our online quote tool or for an outline of our fixed fee pricing and example costs, please visit our fixed fees page.