To ask the Chancellor of the Exchequer, whether she plans to extend the Stamp Duty Land Tax holiday for first-time buyers who sign a memorandum of sale before 31 March 2025.

In September 2022, the previous Government announced a change to the level at which first time buyers start paying Stamp Duty Land Tax (SDLT) from £300,000 to £425,000, and the purchase price limit for accessing the relief is currently £625,000. These changes were made temporary in November 2022. After the rates revert on 1 April, first time buyers will still benefit from paying no SDLT up to £300,000, and will be able to claim relief on purchases up to £500,000.

The previous Government made these changes temporary SDLT rates. Individuals will therefore be liable to pay the SDLT at the point at which they complete their property purchase.