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Technical article
Publication date:
05 August 2021
Last updated:
25 February 2025
Author(s):
Technical Connection
Update from 9 July 2021 to 22 July 2021
The latest property statistics show an overall increase in property transactions compared to this time last year – please see chart below.
The temporary increase to the nil rate band of £500,000 for stamp duty land tax (SDLT) for residential transactions in England and Northern Ireland has definitely had a part to play. As of 1 July, the nil rate band for SDLT has decreased to £250,000 and will stay at this level until 30 September 2021 before reducing to £125,000 from 1 October 2021.
Interestingly, in a recent report published by Parliament, entitled, “Tax after coronavirus” it is noted that SDLT is an important source of revenue for the Government even though in many cases a significant proportion of residential transactions have not been subject to SDLT as they were under the nil rate band or benefitted from the first-time buyers relief. However, the Government is urged to draw up a draft tax strategy for consultation – effectively it should treat SDLT as a priority for reform and should set the tax at a level that optimises revenue while encouraging home ownership.
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This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.
