Changes to Stamp Duty Land Tax Effective From 23 September 2022

In the mini-budget announced today (23 September 2022), the Chancellor has announced the following changes to Stamp Duty for properties in Northern Ireland and England, which are permanent and effective from 23 September 2022:

• The threshold before stamp duty is paid is now raised from £125,000 to £250,000;
• The threshold for first time buyers is now raised from £300,000 to £425,000. The value of the property on which first time buyers can claim relief is also increased from £500,000 to £625,000.

This is encouraging news, especially for first time buyers, although it will be tempered by yesterday’s announcement from the Bank of England of the rise in UK interest rates. We will be interested to see how the housing market in Northern Ireland reacts.

If you are buying or selling a residential property in Northern Ireland, our Private Client team can assist and navigate you through the process.

This article has been produced for general information purposes and further advice should be sought from a professional advisor.

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