Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential (a) merits of extending First Time Buyers’ Relief after March 2025 and (b) impact of not extending First Time Buyers’ Relief after March 2025 on first time buyers.

The level at which purchasers of residential property start paying Stamp Duty Land Tax (SDLT) is currently £250,000, and this is due to revert to £125,000 on 1 April 2025. For first-time buyers, the nil-rate band is currently £425,000 and the purchase price limit for accessing the relief is currently £625,000. On 1 April 2025, these rates will revert to £300,000 and £500,000 respectively.

SDLT continues to be an important source of Government revenue, raising several billion pounds each year to help pay for the essential services the Government provides.

The Government keeps all taxes under review as part of the usual tax policy making process. Tax changes, including changes to SDLT, are announced at fiscal events, where decisions are taken in the round.