PARLIAMENTARY WRITTEN QUESTION
Stamp Duties (5 November 2024)

Question Asked

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of a phased approach to stamp duty increases for those in pre-agreed property transactions.

Asked by:
Shivani Raja (Conservative)

Answer

The increase of the Stamp Duty Land Tax (SDLT) Higher Rates for Additional Dwellings (HRAD) by two percentage points at the Autumn Budget 2024, will impact transactions on or after 31 October 2024.

The rate increase will not apply to transactions where contracts have been exchanged prior to 31 October but have not yet completed. This means that those who have already committed to a purchase, by exchanging contracts, won’t pay more tax than they were expecting to pay when they agreed to buy the property.

The timing of implementation of tax increases is a balanced judgement which requires a comprehensive evaluation of a variety of factors including, but not limited to, complexity, fairness, and simplicity for the taxpayer. The Government keeps all taxes under review as part of the usual tax policy making process and welcomes representations to help inform future decisions on tax policy.


Answered by:
James Murray (Labour)
11 November 2024

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