Taunton Solicitors Review of Stamp Duty Changes in 2025
What is Stamp Duty?
Taunton Solicitors Stamp Duty review:- (SDLT or Stamp Duty Land Tax) is a government tax which is payable on completion of the purchase of a property by the buyer. The government set the amount payable, with reference to certain thresholds. There are also several additional factors which are used to determine the amount of SDLT or Stamp Duty Land Tax payable including (but not limited to) whether the buyer is a UK resident, first time buyer or purchasing an additional property. Taunton Solicitors are able to guide you and provide you with direction regarding the changes to Stamp Duty.
What is the current SDLT position?
In September 2022 the government introduced a change to SDLT or Stamp Duty Land Tax, to lower the upfront costs of moving home and to support the housing market and those who rely upon it. At the time, this was to be a permanent change, but that was changed subsequently, so that the change was expressed to be temporary.
The general current SDLT thresholds for main residences in England are:-
| Proportion of Property Value | Rate for Main Residence |
| Up to £250,000 | 0% |
| £250,001-£925,000 | 5% |
| £925,001-£1,500,000 | 10% |
| Over £1,500,000 | 12% |
Importantly, first-time buyers currently do not pay any SDLT or Stamp Duty Land Tax on the first £425,000 of a property’s value
Taunton Solicitors can confirm What is changing?
On 1st April 2025 the SDLT or Stamp Duty Land Tax rates will change and will lead to an increase in SDLT or Stamp Duty Land Tax payable.
The new thresholds will be:-
| Proportion of Property Value | Rate for Main Residence |
| Up to £125,000 | 0% |
| £125,001- £250,000 | 2% |
| £250,001-£925,000 | 5% |
| £925,001-£1,500,000 | 10% |
| Over £1,500,000 | 12% |
If you are purchasing at £250,000, but not a first-time buyer, you will pay £2,500 after 1st April 2025, compared to paying nothing before the change comes into effect.
The new thresholds for first-time buyers will be:-
| Proportion of Property Value | Rate for Main Residence |
| Up to £300,000 | 0% |
| £300,001-£500,000 | 5% |
This will mean that a first-time buyer purchasing for £425,000 will pay £6,250 after 1st April 2025, compared to paying nothing before the change comes into effect.
What about additional properties?
In line with the changes to purchases of main residences, the government will be changing the thresholds for the purchase of additional properties as follows:-
| Proportion of Property Value | Rate for Main Residence |
| Up to £125,000 | 5% |
| £125,001- £250,000(new threshold) | 7% |
| £250,001-£925,000 | 10% |
| £925,001-£1,500,000 | 15% |
| Over £1,500,000 | 17% |
What will these changes mean?
The changes that will come into effect on 1st April 2025 will have both short and long-term effects on conveyancing and Taunton Solicitors expects to see a rush to complete transactions before the thresholds are reduced. NOW is the time to consider moving to benefit from the current level of SDLT or Stamp Duty Land Tax , to allow as much time as possible to complete your purchase before the changes come into effect.
Taunton Solicitors has an experienced Conveyancing Team who can support and guide you through every step of the transaction process, whether you are purchasing a new home, an older residential property or, indeed, a commercial property. We can also provide legal advice regarding additional (second/buy-to-let) properties, whether residential or commercial.
Please call our office today 01823 351122 to speak with our Conveyancing Team
We can provide you with a Quote of our Conveyancing fees.
Alternatively, please email your enquiry to [email protected].