Goodman Jones Spring Budget 2024

BUDGET l 15 March 2023 10 6 arc 2 24 Stamp duty land tax (SDLT): abolition of multiple dwellings relief Multiple dwellings relief, a bulk purchase relief in the SDLT regime for England and Northern Ireland, will be abolished from 1 June 2024. Property transactions with contracts that were exchanged on or before 6 March 2024 will continue to benefit from the relief regardless of when they complete, as will any other purchases that are completed before 1 June 2024. SDLT: first-time buyers’ relief for nominee purchasers The rules for claiming first-time buyers’ relief from SDLT in England and Northern Ireland will be amended from 6 March 2024. Individuals (including victims of domestic abuse) who buy a leasehold residential property through a nominee or bare trustee will be able to claim first-time buyers’ relief. Before this change the individual was not treated as the purchaser and so was not entitled to the relief. Annual tax on enveloped dwellings (ATED) The ATED annual charge rises by 6.7% from 1 April 2024 in line with the CPI. For ATED filing and payment purposes in 2024/25, a property revaluation as at 1 April 2022 is required (or the date of acquisition for a property acquired after that date). Property value Charge for tax year 2024/25 Charge for tax year 2023/24 More than £500,000 but not over £1 million £4,400 £4,150 More than £1 million but not over £2 million £9,000 £8,450 More than £2 million but not over £5 million £30,550 £28,650 More than £5 million but not over £10 million £71,500 £67,050 More than £10 million but not over £20 million £143,550 £134,550 More than £20 million £287,500 £269,450 WELFARE AND FAMILY SUPPORT Universal credit (UC) Many of the UC rates will rise by about 6.7% from April 2024, including the standard and work allowances as well as the extra amounts for children, except for amounts in respect of first children born before 6 April 2017. > SAVER Don’t ignore UC. The income ceiling for UC now stretches well beyond £70,000 for some couples. UC – even just 1p a month – can unlock other benefits so you should check your eligibility.