During the mini-budget in September 2022, the stamp duty thresholds on residential property were raised to their current levels, with the nil band increased from £125,000 to £250,000 for homemovers selling their home to buy another one, and first-time buyers paying no stamp duty on properties costing up to £425,000.
While this was initially brought in as a permanent change, Chancellor Jeremy Hunt would later announce that the change would only remain in place until April 2025. Although there was the hope that the newly appointed Labour Chancellor, Rachel Reeves, would keep the threshold as a permanent change, this has not been the case, and in the recent Budget she announced that thresholds will revert back to their pre-2022 levels as planned.
This means that there are only a few months left at the current rates, and completing a property purchase after 31 March 2025, will mean paying thousands more on stamp duty.
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