Stamp Duty: What You Need to Know Before April 1, 2025

Ready to buy a property? You’ll need to know about Stamp Duty Land Tax (SDLT), and things are changing soon. Starting April 1, 2025, the rates will shift. Here’s what that means for you:

Standard Residential Purchases:

• Now (Until March 31, 2025):
• Up to £250,000: 0%.
• £250,001 to £925,000: 5%.
• £925,001 to £1.5 million: 10%.
• Over £1.5 million: 12%.
• From April 1, 2025:
• Up to £125,000: 0%.
• £125,001 to £250,000: 2%.
• £250,001 to £925,000: 5%.
• £925,001 to £1.5 million: 10%.
• Over £1.5 million: 12%.

First-Time Buyers:

• Now (Until March 31, 2025):No SDLT on properties up to £425,000, and 5% on properties between £425,001 and £625,000.
• From April 1, 2025:No SDLT on properties up to £300,000, and 5% on properties between £300,001 and £500,000.

Additional Properties (Second Homes/Buy-to-Let):

• A slight increase, with a 2% charge for properties between £125,001 and £250,000.

The Bottom Line:

You’ve got until March 31, 2025, to buy at the current rates. After that, expect higher costs. If you can, try to complete your purchase before the new rates kick in.