The Governments ‘Mini Budget’ announcements on 23rd September 2022 have grabbed the attention of many with various tax cutting measures announced. Stamp Duty Land Tax is one of the taxes benefitting from the government cuts, which will be of relief to many homebuyers across Northern Ireland.
The changes, which take effect from 23rd September 2022, are as follows:-
- Residential tax free threshold raised to £250,000.00 for everyone
- First Time Buyer Relief tax free threshold raised to £425,000.00, with further tax discount for properties costing up to £625,000.00
It should be noted that rates of Stamp Duty Land Tax for Commercial transactions remain constant.
Penalties for 2nd home properties and non UK based purchasers remain in place.
If you are a prospective Homebuyer and want further legal advice on this matter, please do not hesitate to contact the Conveyancing Team at O’Reilly Stewart Solicitors.