Autumn Budget 2024 Stamp Duty Land Tax Increases
Published / Last Updated on 07/11/2024
Increased Higher Stamp Duty Rates on Additional Dwellings (England and Wales only) (From 31 October 2024)
- Higher Rates for additional dwellings surcharge was increased by 2% from 3% to 5%.
- Does not apply to Scotland or Wales where devolved government land transaction taxes apply.
Increased Higher Stamp Duty Rates for Non-UK Resident Purchasers (From 31 October 2024)
- Higher Rates for non-UK resident purchasers was also increased by 2% from 3% to 5% for purchases over £40,000 to £500,000.
Increased Higher Stamp Duty by both UK Companies and Non-UK Residents on Residential Dwellings (From 31 October 2024)
- The single/flat rate of stamp duty charged on the purchase of residential property worth more than £500,000 by both UK companies and non-UK resident individual buyers was increased by 2% from 15% to 17%.
Commercial property purchase stamp duty rates were unchanged.
Initial Thoughts
- All the above increases will give both first time buyers and those simply moving home a competitive advantage over landlords, trusts, companies, and non-UK residents buying UK residential property.
- In addition, even UK resident landlords and 2nd home buyers have a marginal advantage over non-UK resident buyers.
