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September’s mini-Budget previously announced changes to SDLT, increasing the nil-rate threshold from £125,000 to £250,000 with effect from 23 September 2022.
The nil-rate threshold for first time buyers was also increased from £300,000 to £425,000 from the same date, with relief for first time buyers previously being applied to property purchases of up to half a million pounds, but this threshold was also increased to £625,000.
In the Chancellor’s Autumn Statement, it was announced that these thresholds would remain in place until 31 March 2025 before returning to the previous, lower bandings after this date.