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Written question asked by Anthony Browne (Conservative) on Tuesday, 24 January 2023, in the House of Commons. It was due for an answer on Thursday, 26 January 2023. It was answered by Victoria Atkins (Conservative) on Wednesday, 1 February 2023 on behalf of the Treasury.

Stamp Duty Land Tax

Question

To ask the Chancellor of the Exchequer, whether his Department has made an estimate of the impact on the number of property transactions of the increase in the residential nil-rate threshold announced in September 2022.

Answer

Stamp Duty Land Tax (SDLT) continues to be an importance source of Government revenue, provisionally raising £14.1 billion in 2021/22.

In September 2022, the Government doubled the level at which purchasers of residential property start paying SDLT from £125,000 to £250,000. The nil-rate threshold under First Time Buyers Relief was also increased from £300,000 to £425,000 with the maximum purchase value for which relief can be claimed increased from £500,000 to £625,000. This will ensure around 43 per cent of purchasers will pay no SDLT.

This measure will remain in place until 31 March 2025 to boost mobility and support the property market during a difficult economic period.

Secondary information

Type
Written question
Reference
131407
Session
2022-23
Grouped for answer
Yes
Subjects
Housing Sales Stamp duty land tax Tax thresholds
Contains statistics
Yes
Link
View this Written question on www.parliament.uk