Home
Business funding: Finance options and advice for business investment or debt
house for sale sign uk

By Keith Johnston

23rd September 2022

The Growth Plan 2022 – Stamp Duty Land Tax

Subscribe

The Chancellor announced a cut to Stamp Duty Land Tax (SDLT) on residential property purchases in England, effective from midnight on 23rd September.

Currently there is a nil rate band of £125,000, 2% is payable on the next £125,000, and 5% on the next £675,000. Higher rates of 10% and then 12% are payable on the purchase price over £925,000 and £1.5 million respectively. From 24th September, the nil rate band is doubled to £250,000 and the 2% band is abolished, but all other bands and rates remain unchanged. This results in a saving of £2,500.

A further announcement may reduce the amount of SDLT payable by first time buyers, who will now pay no SDLT on the first £425,000, rather than £250,000. Properties costing up to £625,000 will now be eligible for relief, rather than £500,000.

The amount of SDLT payable on commercial or mixed-use properties remain unchanged, with a nil rate band of £150,000. A further point to note is that the additional 3% SDLT payable by owners of more than one dwelling remains unchanged. This means the purchaser of a buy-to-let property for less than £250,000 will still pay SDLT.

To learn more about the Chancellor's Fiscal Statement and what it could mean for you and your business, you can watch our webinar from Monday 26th September using the button below.

Watch our Mini-budget Analysis webinar

Related news

payslip uk

National Insurance & Income Tax Reductions

  • 23rd September 2022
business-meeting-graphs

Changes to Corporate and Business Taxes

  • 23rd September 2022
family saving in piggy bank

The Fiscal Statement and Financial Planning

  • 23rd September 2022

Enquiry Form

All content © 2020 Armstrong Watson. All Rights Reserved. Website by Simon Pighills.

Armstrong Watson LLP is a limited liability partnership registered in England and Wales, number OC415608. The registered office is James Watson House, Montgomery Way, Rosehill, Carlisle, CA1 2UU where a list of members is kept. Armstrong Watson LLP is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. Unless otherwise indicated, either expressly or by the context, we use the word “partner” to describe a member of Armstrong Watson LLP or an employee of Armstrong Watson LLP in their capacity as such.

Armstrong Watson Audit Limited is registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales. Registered as a limited company in England and Wales, number 8800970. The registered office is James Watson House, Montgomery Way, Rosehill, Carlisle, CA1 2UU. Armstrong Watson Audit is a trading style of Armstrong Watson Audit Limited.

Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales, number 7208672. The registered office is James Watson House, Montgomery Way, Rosehill, Carlisle, CA1 2UU. Armstrong Watson Financial Planning & Wealth Management is a trading style of Armstrong Watson Financial Planning Limited. Armstrong Watson Trustees Limited is a limited company registered in England and Wales, number 84495656. The registered office is James Watson House, Montgomery Way, Rosehill, Carlisle, CA1 2UU.

MyRetirement is a trading style of Armstrong Watson Financial Planning Limited.

Armstrong Watson is a trading style of Armstrong Watson LLP, Armstrong Watson Audit Limited and Armstrong Watson Financial Planning Limited.