Property tax changes

8th July 2021 | News

From 1 July 2021 there are changes to the Stamp Duty Land Tax (SDLT) and Land Transaction Tax (LTT) bands for residential property.

SDLT is payable by the purchaser in a land transaction occurring in England and Northern Ireland. The following rates and thresholds apply for SDLT from 1 July 2021 to 30 September 2021:

Residential property Band % Rates
£0 – £250,000 0
£250,001 – £925,000 5
£925,001 – £1,500,000 10
£1,500,001 and over 12

LTT is payable by the purchaser in a land transaction occurring in Wales. From 1 July 2021 the rates for residential property are:

Residential property Band % Rate
Up to £180,000 0
£180,001 – £250,000 3.5
£250,001 – £400,000 5
£400,001 – £750,000 7.5
£750,001 – £1,500,000 10
Over £1,500,000 12

There are no changes to the rates and bands for Land and Property Transaction Tax which apply in Scotland.

Internet links: SDLT rates LTT rates

Williamson & Croft is a market leading accountancy, advisory and tax firm with particular specialisms in property, construction, retail, digital and creative, technology and professional services.

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