The recent Autumn Budget 2024 has introduced several important changes affecting residential properties. Here are the key points you need to know:

1. Stamp Duty Increase: The Stamp Duty Land Tax (SDLT) for additional property purchases, such as buy-to-let and second homes, will increase by 2%, bringing the surcharge to 5% from 31 October 2024. This increase applies to purchases of second homes, buy-to-let residential properties, and companies purchasing residential property. Those who exchanged contracts prior to 31 October 2024 are not affected by this rate increase.
2. Existing temporary reliefs: There was no extension to the 31^st March 2025 reliefs which means from that date there are several Stamp Duty changes coming into effect:

1. The nil rate threshold which is currently £250,000 will return to the previous level of £125,00.
2. The nil rate threshold for first-time buyers which is currently £425,000 will return to the previous level of £300,000.
3. The maximum purchase price for which First-Time Buyers Relief can be claimed is currently £625,000 and will return to the previous level of £500,000.

If you need any help or guidance navigating these changes, our experts in the Residential Department at Elliot Mather LLP are here to assist you. Make an enquiry today to get personalised advice and support.

• Residential