Stamp Duty Land Tax (main motion)

Proposed by The Economic Secretary to the Treasury

I beg to move, That— (1) Part 4 of the Finance Act 2003 is amended as follows. (2) In section 55(1B) (amount of stamp duty land tax chargeable: general), for Table A substitute— “TABLE A: RESIDENTIAL Part of relevant consideration Percentage So much as does not exceed £250,000 0% So much as exceeds… I beg to move, That— (1) Part 4 of the Finance Act 2003 is amended as follows. (2) In section 55(1B) (amount of stamp duty land tax chargeable: general), for Table A substitute— “TABLE A: RESIDENTIAL 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%” (3) In Schedule 4ZA (higher rates of stamp duty land tax for additional dwellings etc), for the Table A in section 55(1B) mentioned in paragraph 1(2) substitute— “TABLE A: RESIDENTIAL Part of relevant consideration Percentage So much as does not exceed £250,000 3% So much as exceeds £250,000 but does not exceed £925,000 8% So much as exceeds £925,000 but does not exceed £1,500,000 13% The remainder (if any) 15%” (4) In Schedule 5 (amount of SDLT chargeable in respect of rent), in paragraph 2(3), for Table A substitute— “TABLE A: RESIDENTIAL Rate bands Percentage £0 to £250,000 0% Over £250,000 1%” (5) In Schedule 6ZA (relief for first-time buyers)— (a) in paragraph 1(3), for “£500,000” substitute “£625,000”, and (b) for the Table A in section 55(1B) mentioned in paragraph 4 substitute— “TABLE A: RESIDENTIAL Part of relevant consideration Percentage So much as does not exceed £425,000 0% Any remainder (so far as not exceeding £625,000) 5%” (6) The amendments made by this Resolution have effect in relation to land transactions the effective date of which falls on or after 23 September 2022. And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968. The former Chancellor of the Exchequer announced cuts to stamp duty land tax on 23 September, with a motion moved following debate on the economic statement to implement that on a temporary basis. This resolution now confirms the House’s agreement to that motion, allowing the Government to introduce a full Bill to implement the changes permanently. The Government’s changes to stamp duty increased the nil-rate threshold for all purchases of residential property in England and Northern Ireland from £125,000 to £250,000. For first-time buyers, the nil-rate threshold has increased from £300,000 to £425,000, with the maximum property price for which first time buyers’ relief can be claimed increased from £500,000 to £625,000. This resolution is simply a procedural requirement. It is needed to allow the Government to introduce a Bill amending stamp duty land tax legislation. We will come on to the substance of the Bill on Second Reading in just a moment. Furthermore, there will be an opportunity to discuss the line-by-line detail of the Bill in Committee at a later point.

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