Did the emergency fiscal statement affect the taxation of UK residential property?
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The cut to the stamp duty land tax ('SDLT') payable in England and Wales on residential property, which came into effect on 23 September 2022, remains in place.
Newly appointed Chancellor, Jeremy Hunt announced tax changes yesterday in an emergency fiscal statement, however these did not affect the revised SDLT threshold which remains as per the below table and applies to transactions completing on or after 23 September 2022.
SDLT rates payable | |||
Band | SDLT rate | SDLT rate for landlords/ | SDLT rate for non-resident buyer |
£0 - £250,000 | 0% | 3% | 5% |
£250,001 - £925,000 | 5% | 8% | 10% |
£925,001 - £1.5m | 10% | 13% | 15% |
£1.5m + | 12% | 15% | 17% |
This summary is intended to provide a first point of reference for current developments in aspects of the law. It should not be relied on as a substitute for professional advice.
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