Stamp Duty Land Tax

Treasury written question – answered on 1 February 2023.

Alert me about debates like this

Photo of Anthony Browne Anthony Browne Conservative, South Cambridgeshire

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.

Photo of Anthony Browne Anthony Browne Conservative, South Cambridgeshire

To ask the Chancellor of the Exchequer, what estimate his Department has made of the impact of Stamp Duty Land Tax on the annual number of property transactions.

Photo of Victoria Atkins Victoria Atkins The Financial Secretary to the Treasury

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.

Does this answer the above question?

Yes1 person thinks so

No2 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.