Rates – reminder

Most conveyancers probably do not need reminding that the current SDLT rates were only a temporary measure, introduced in 2022. From 1 April 2025 the rates for a freehold purchase by a UK resident individual replacing a main residence will be:

Relevant consideration	Percentage
Up to £125,000	Nil
The next £125,000 (the portion from £125,001 to £250,000)	2%
The next £675,000 (the portion from £250,001 to £925,000)	5%
The next £575,000 (the portion from £925,001 to £1.5m)	10%
The remaining amount (the portion above £1.5m)	12%

Firms are reminded to make any necessary changes to their website fee rates etc pursuant to the Transparency Rules. CQS accredited firms are also reminded that the Core Practice Management Standards require the following:

‘5.15 Practices must have a policy in relation to Stamp Duty Land Tax (SDLT), which must include:

a) A procedure for giving clients clear and timely advice and information on SDLT including the meaning for SDLT purposes of “First time buyer” and “Major interest in a dwelling”.

b) A procedure for ensuring that the practice provides a clear written SDLT calculation to the client at the outset.

c) A procedure for verifying the amount of SDLT payable, where applicable, before exchange.

d) A procedure setting out how and when the practice makes checks between the consideration stated in the:

i. sale contract

ii. transfer deed

iii. SDLT Return and

iv. the payments on the solicitors’ client account ledger for the transaction.’

Source: www.gov.uk/stamp-duty-land-tax/residential-property-rates.

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