Stamp Duty Land Tax Announcements following the Autumn Budget

Higher rates of SDLT for additional properties

As a surprise shock, the Chancellor has announced that as from 31st October 2024 the surcharge rate of SDLT payable on second properties is increasing from 3% to 5%.

The current surcharge rates of SDLT payable on second properties are as follows:

3% up to £250,000

8% above £250,001 to £925,000

13% above £925,001 to £1.5million

15% on anything above £1.5million

As of 31st October 2024, the following rates will apply to all purchases of a second property:

5% up to £250,000

10% above £250,001 to £925,000

15% above £925,001 to £1.5million

17% on anything above £1.5million

What is a second property?

A second property is a residential property purchased in addition to your main residence.

Standard Rates of SDLT

As predicted the Chancellor made no changes to the standard residential rates of SDLT. 

The current SDLT rates (September 2022 to 31st March 2025) on a standard residential purchase of a freehold property for an individual that is a UK resident and replacing a main residence is:

0% up to £250,000.00

5% above £250,000.00 and up to £925,000.00

10% above £925,000.00 and up to £1,500,000.00

12% above £1,500,000.00

From 31st March 2025 the rates will revert to the previous level:

0% up to £125,000.00

2% above £125,000.00 and up to £250,000.00

5% above £250,000.00 and up to £925,000.00

10% above £925,000.00 and up to £1,500,000.00

12% above £1,500,000.00

How can Goughs Help?

We are here to assist with any purchases of residential properties that need to complete before the end of March 2025 to benefit from the current reduced rates of SDLT.  Please do not hesitate to get in contact.

Please note that we are limited in what tax advice we can provide, but we do have a number of external trusted adviser we can put you in touch with.

The information contained in the above article was correct at the time of publication. To ensure you are kept up to date with changes to the budgets please visit the Gov.uk website

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