Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make transitional relief on Stamp Duty Land Tax (SDLT) available to first-time buyers in cases where completion has been subject to unexpected delays.

Answered by James Murray - Exchequer Secretary (HM Treasury)

In September 2022, the previous government announced a change to the level at which purchasers of residential property start paying Stamp Duty Land Tax (SDLT), from £125,000 to £250,000. This change was made temporary in November 2022, and the rate reverted to £125,000 on 1 April 2025. For first-time buyers, the nil-rate band had been temporarily raised to £425,000 and the purchase price limit for accessing the relief to £625,000. On 1 April 2025, after the rates reverted, first time buyers can still benefit from paying no SDLT up to £300,000 and will be able to claim relief on purchases up to £500,000.

Purchasers have had notice of these tax changes, as legislated for in the Stamp Duty Land Tax (Temporary Relief) Act 2023. In order to benefit from the temporary rates, purchasers will have needed to complete on their purchase by 31 March 2025. The Government keeps all taxes under review as part of the usual tax policy making process.

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of allowing people who have instructed solicitors and are in the process of completing property transactions to apply previous stamp duty rates.

Answered by James Murray - Exchequer Secretary (HM Treasury)

In September 2022, the previous government announced a change to the level at which purchasers of residential property start paying Stamp Duty Land Tax (SDLT), from £125,000 to £250,000. This change was made temporary in November 2022, and the rate will revert to £125,000 on 1 April 2025. For first-time buyers, the nil-rate band is currently £425,000 and the purchase price limit for accessing the relief is currently £625,000. On 1 April 2025, after the rates revert, first time buyers will still benefit from paying no SDLT up to £300,000 and will be able to claim relief on purchases up to £500,000.

Purchasers have had notice of these tax changes, as legislated for in the Stamp Duty Land Tax (Temporary Relief) Act 2023. In order to benefit from the temporary rates, purchasers will need to have completed on their purchase by 31 March 2025. The Government keeps all taxes under review as part of the usual tax policy making process.

Found: additional dwellings: transactions before 1 April 2025 15(1) Section 1 of the Stamp Duty Land Tax (Temporary Relief) Act

Found: 52 10 Contracts substantially performed before relevant rate change 1 (1) The Stamp Duty Land Tax (Temporary Relief) Act

Found: for additional dwellings: transactions before 1 April 2025 (1) Section 1 of the Stamp Duty Land Tax (Temporary Relief) Act

Found: special purpose Bills include what became the Stamp Duty Land Tax Act 2015 and the Stamp Duty Land Tax (Temporary Relief) Act

Found: special purpose Bills include what became the Stamp Duty Land Tax Act 2015 and the Stamp Duty Land Tax (Temporary Relief) Act