The Stamp Duty cuts announced in the September 2022 mini-budget for residential properties will remain in place for first-time buyers and home-movers until 31 March 2025. So, if you’re a first-time buyer, you won’t have to pay any stamp duty on properties costing up to £425,000 and if you’re not a first-time buyer you won’t have to pay any stamp duty on properties costing up to £250,000.
For purchases made on or after 1 April 2025, however, if you’re a first-time buyer the nil rate threshold above which stamp duty becomes payable on residential property will reduce to £300,000 and if you’re not a first-time buyer the nil rate threshold for First Time Buyers will reduce to £125,000.
To talk to us about how your finances have been affected by the recent Budget announcements, email us at office@ukinvestments.co.uk or give us a call on 01352 756111.
