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.
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