One announcement from the Chancellor's 'fiscal event' or 'mini-budget' that is unlikely to see any U-turn is the revision of the SDLT rates for the purchase of residential land in England and Northern Ireland (Wales and Scotland decide their own rates for LTT and LBTT respectively and these are unaffected by Westminster's latest government). 

The new rates apply for acquisitions on or after 23 September 2022. 

SDLT is calculated on a banded basis. The announcement doubles the nil rate band (from £125,000 to £250,000) effectively scrapping the next band of 2%. The table of charge for residential property now looks like this:

ConsiderationRate (%)
£0 - £250,0000
£250,001 - £925,0005
£925,001 - £1,500,00010
£1,500,001 +

The saving for purchasers for properties of £250,000 or more will be £2,500 per purchase. This is regardless of any additional rates that may apply such as the +3% for additional dwellings or +2% for non-UK purchasers. 

For those buying multiple dwellings the savings might be higher. This reinforces the need to think carefully about whether claiming multiple dwellings relief would be beneficial. If you purchase multiple dwellings with non-residential land, it should be remembered that often claiming MDR on part and using the non-residential rates on the remainder might mean a lower overall charge than simply applying the non-residential (or 'mixed') rates on the entirety of the consideration. 

Residential rates for companies and non-residential rates for individuals and companies remain unaffected by the announcement.