Autumn Budget 2024
These are the property related headlines from today's Autumn Budget:
- Stamp duty land tax (SDLT) is increasing in ENGLAND and NORTHERN IRELAND for second home purchases from 3% to 5% from midnight tonight. We are waiting to see if the Welsh Government similarly change the land tax transaction rate as this has not yet been announced. If your property sale involves a chain with a property that is being sold in England or NI with a second buyer, this rate increase may therefore impact your sale.
- In England and NI, the point at which purchasers start paying SDLT on their principal home will drop from £250,000 to £125,000 in April, reversing the previous tax cut. The threshold at which first-time buyers pay SDLT will also be cut from £425,000 to £300,000.
- Capital gains tax rates for selling additional residential property remains unchanged - this will be a huge relief for landlords and individuals who own more than one property.
- The inheritance tax freeze has been extended until 2030 with significant reforms impacting inherited pensions, agricultural, and business relief from April 2027.
For expert advice regarding how the Autumn Budget might impact you, get in touch and we'll be ready to discuss what you should do with your property sale or let.
