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Stamp Duty Land Tax Changes- September 2023

View profile for Katelyn  Isliker
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The Chancellor of the Exchequer, Kwasi Kwarteng announced changes to the Stamp Duty Land Tax rules and these changes are effective from Friday 23rd September 2022.   This means that regardless of when exchange of contracts took place, so long as completion is on or after 23rd September 2022 buyers can now take advantage of the new rates. 

For all property buyers the nil rate band has been increased from £125,000.00 to £250,000.00.

Please see the Stamp Duty Land Tax nil rate bands below which now apply to single residential purchases:

Property Value

Standard Residential Rates

£0 – £250,000.00

0% Nil Rate Band

£250,000.00 – £925,000


£925,000.00 – £1,500,000


Above £1,500,000



Changes affecting First Time Buyers

The nil rate band threshold for first time buyers has increased from £300,000 to £425,000. The government have also increased the maximum property price that will allow individuals to qualify for First Time Buyers Relief from £500,000 to £625,000.

If a first-time buyer purchases for over £425,000.00 they will pay five per cent Stamp Duty Land Tax on the amount from £425,000.00 up to £625,000.

Visit the following link to our website which contains an up to date calculator you can use to calculate the new amount of stamp duty land tax.

Our Property Team at Johnson Astills can assist you if you are looking to sell or purchase a property. Please call us on 0116 2554855.