S. 1 in force at Royal Assent
S. 2 in force at Royal Assent
Words in s. 1(3) substituted (with effect in accordance with s. 50(3) of the amending Act) by Finance Act 2025 (c. 8), s. 50(2)(3) (with ss. 50(4)-(6), 52)
Words in s. 1(6) substituted (20.3.2025) by Finance Act 2025 (c. 8), s. 52(4)(a)
S. 1(6A) inserted (20.3.2025) by Finance Act 2025 (c. 8), s. 52(4)(b)
An Act to reduce, for a temporary period, the amount of stamp duty land tax chargeable on the acquisition of residential property.
Be it enacted by the King’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
Reduction of SDLT on acquisition of residential property
This section makes modifications of Part 4 of the Finance Act 2003 in relation to any land transaction the effective date of which falls in the period (“the temporary relief period”)—
beginning with 23 September 2022, and
ending with 31 March 2025.
Part of relevant consideration
Percentage
So much as does not exceed £250,000
0%
So much as exceeds £250,000 but does not exceed £925,000
5%
So much as exceeds £925,000 but does not exceed £1,500,000
10%
The remainder (if any)
12%
Part of relevant consideration
Percentage
So much as does not exceed £250,000
5%
So much as exceeds £250,000 but does not exceed £925,000
10%
So much as exceeds £925,000 but does not exceed £1,500,000
15%
The remainder (if any)
17%
Rate bands
Percentage
£0 to £250,000
0%
Over £250,000
1%
Schedule 6ZA (relief for first-time buyers) has effect as if—
in paragraph 1(3), for “£500,000” there were substituted “£625,000”, and
Part of relevant consideration
Percentage
So much as does not exceed £425,000
0%
Any remainder (so far as not exceeding £625,000)
5%
In a case where—
as a result of section 44(4) of the Finance Act 2003 the effective date of a land transaction falls in the temporary relief period, and
the contract concerned is completed by a conveyance after that period ends,
section 44(8) of that Act is not to apply in relation to that conveyance if the sole reason that (but for this subsection) it would have applied is the reason given by subsection (6A).
For this purpose, the sole reason is either—
that the modifications made by this section have no effect in relation to that conveyance, or
that both paragraph (a) applies and the increased rates provided for by section 50 or 51 of the Finance Act 2025 would have had effect in relation to that conveyance.
Section 44(10) of the Finance Act 2003 applies for the purposes of subsection (6).
Short title
This Act may be cited as the Stamp Duty Land Tax (Temporary Relief) Act 2023.