Highlights from the broader tax news for the week ending 15 February 2023, including: Royal Assent of the Stamp Duty Land Tax (Temporary Relief) Act.
Stamp Duty Land Tax (Temporary Relief) Act: Royal Assent
Royal Assent was granted on 8 February 2023. The legislation increases the nil-rate thresholds for residential stamp duty land tax (SDLT) (applying in England and Northern Ireland) for purchases between 23 September 2022 and 31 March 2025.
During that period, the amount that a purchaser can pay for residential property before they become liable to pay SDLT is increased from £125,000 to £250,000.
In addition, during that same period the nil-rate threshold for first-time buyers’ relief is increased from £300,000 to £425,000 and the maximum amount that can be paid for a property while remaining eligible for first-time buyers’ relief is increased from £500,000 to £625,000.