Continuing in our series of specific updates following the 2024 Budget, here is a short focus on Stamp Duty Land Tax (SDLT).

For a more comprehensive deep dive on the Budget, see our Tax Compass Podcast on the 2024 Budget.

With the October Budget came a change in Stamp Duty Land Tax (SDLT)*.

Reeves announced that there will be a 2% increase in the SDLT surcharge if you are buying a second home or if you are a company purchasing a property. This means that the SDLT surcharge will increase from the current 3% to 5%.

If you are a UK non-resident, there will also be a 2% increase in the SDLT surcharge when you purchase a property. This means that if both surcharges are applicable, the SDLT surcharge will increase from the current 5% to 7%.

These changes came into immediate effect from 31 October 2024.

If you own properties or own a company that is thinking about buying property, then we recommend you seek advice about how this tax change could impact you or your business.

As experts in UK tax, please get in touch. We are ready and able to advise you so that you can make the most of your investment or property portfolio.

See more of our Budget Short on the Stamp Duty Land Tax changes here:

Definitions: 

*Personal allowance – If available to you, this is the amount of money that you can earn before you have to pay tax.

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