Government goes for Growth- SDLT Threshold raised in England
The Chancellor of the Exchequer has announced today a bold range of measures, which the Government believes will stimulate economic growth in the UK. It will need some luck and the ongoing rise in interest and mortgage rates will be part of the dynamic.
The most relevant to the residential property market is the rise in the threshold at which Stamp Duty Land Tax becomes payable. As a result of the Chancellor’s statement this morning, SDLT now becomes payable on the purchase of the principal home at £250,000 and for first time buyers this threshold is now raised to £425,000.
The SDLT thresholds in respect of second homes remain unaffected by the government’s announcement today.
This change in the SDLT thresholds, is just one of a very significant number of changes to taxation that the Government is making in a determined attempt to stimulate growth, and arrest the slide into a prolonged recession. Coupled with other tax reductions, income tax at the basic level and for those in the highest brackets, and the volte face on National Insurance, the SDLT threshold rise should, in the short term at least, help to support the residential property market.
Indeed, experience suggests that any favourable SDLT measure tends to have an immediate impact on the area of the property market to which it applies. Plenty of buyers will be keen to take advantage of any relief they can get in these challenging financial times.
Meet Charlotte, Founder of Studio Chappell – Our Official Interior Design Partner
We’re delighted to offer a complimentary one-hour design consultation with Charlotte Chappell, Studio Chappell, our official interior design partner. Whether you're planning a full renovation or simply looking to refresh a single room or kitchen, Charlotte can provide her expert guidance tailored to your needs. We sit down with Charlotte in our Cirencester office over a cup of tea to find out more!
Meet Charlotte, Founder of Studio Chappell – Our Official Interior Design Partner
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While speculation continues to divide the market between those eager to exchange pre-Budget and those waiting for clarity, some properties are still moving at remarkable speed. We take a closer look below.
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