SDLT threshold increases to be reflected in Bill

The UK government has tabled amendments to the Stamp Duty Land Tax (Reduction) Bill to place the increases to the residential nil-rate thresholds, initially announced in Growth Plan 2022 (and which took effect from 23 September 2022), on a temporary footing.

The amendments, which are expected to be considered at Committee Stage (the date for which has yet to be announced) will have the following effect:

• the announced increases to the residential nil-rate thresholds will apply for the ‘temporary relief period’ only (i.e. the period beginning on 23 September 2022 and ending on 31 March 2025);
• transitional relief will apply for land transactions which are substantially performed in the ‘temporary relief period’ but completed after that period; and
• the short title will be changed to ‘Stamp Duty Land Tax (Temporary Relief) Act 2022’.

HMRC has also published a Tax Information and Impact Notice Stamp Duty Land Tax – temporary reductions for residential properties.