The Chancellor, Jeremy Hunt MP announced measures to restore stability to the economy, protect high-quality public services and build long-term prosperity for the UK with confirmation that the increased threshold to Stamp Duty Land Tax (SDLT) will be phased out by 31 March 2025.
The nil-rate of SDLT was raised in September 2022 to £250,000 for all purchasers of residential property in England and Northern Ireland and increased the nil-rate threshold paid by first-time buyers from £300,000 to £425,000.