STAMP DUTY IN THE AUTUMN BUDGET 2024

Ryan Stanton, Area Manager for Fisks Limited, provides a quick summary of what the new changes to Stamp Duty announced in the 2024 Autumn Budget will mean for buyers and sellers in the coming months.

On the back of the Budget, what does this mean for Stamp Duty?

As we know if you own a second property, you do have to pay more Stamp Duty. That has increased from 3% to 5% but what are the changes for Stamp Duty in general?

For this information, you can go on the Government website or on a Stamp Duty calculator.

There was a temporary Stamp Duty relief which is coming to an end. The initial zero rates Stamp Duty threshold was changed in September 2022, following the Government's Mini Budget.

The change means that from 23rd September 2022, anyone buying a home in England and Northern Ireland wouldn't pay Stamp Duty on the first £250,000.

For additional property purchases, the lower threshold was increased from £125,000 to £250,000.

At the same time the nil rate Stamp Duty threshold for First Time Buyers was increased from £300,000 to £425,000 with further relief up to £625,000.

These changes don't apply to transactions in Wales and Scotland, where different tax systems are in place.

What does this mean financially for you, if you are going to buy and sell now as opposed to the next financial year?

For First Time Buyers buying a property for around £360,000, until the 31st March 2025, you don't pay any Stamp Duty.

From the 1st April 2025, you will pay £3,000 worth of Stamp Duty.

If you're moving home, and you're buying property up to £450,000, the Stamp Duty you currently pay is £10,000.

From the 1st April 2025, it will be £12,500.

It is worth noting that the threshold that was up to £425,000 for First Time Buyers where you wouldn't pay any Stamp Duty currently, but from 1st April 2025 it will be £6,250 to pay.

So go on Stamp Duty calculators on line if you want to look at the budgets yourself and if you're a Buy-To-Let Investor and you want to see how the additional 5% affects the Stamp Duty for you, by all means have a little look.

The moral of the story is that Stamp Duty is always going to be there, but now is a good time to try and sell and get a buyer before it goes up in April.

If you have any questions whatsoever, you can give us a call on 01268 565555.

Ryan Stanton
Area Manager
ryan@fisks.co.uk