Conveyancing lawyers will be watching and waiting to see how the Stamp Duty Land Tax (SDLT) cuts, outlined by the UK Government in its mini budget today (September 23), will affect their business.
From today the Government will permanently increase the threshold above which SDLT must be paid when buying residential properties in England and Northern Ireland from £125,000.
It also makes the rules providing SDLT relief for first-time buyers more generous.
The thresholds increase from £125,000 to £250,000 and from £300,000 to £425,000. The maximum value of a property on which first-time buyer relief can be claimed will also increase from £500,000 to £625,000.
President of the Law Society of England and Wales, I. Stephanie Boyce, said: “Today’s announcement means that estate lawyers will now be watching and waiting to see how the changes announced by the government today will impact their workload and their businesses.”
Energy Relief Bill
The government has also pledged to introduce a six-month Energy Relief Bill Scheme for businesses.
I. Stephanie Boyce added: “We welcome the government’s energy package as it will provide much needed certainty for law firms and individuals. Most law firms are small, local businesses.
“Law firms are already seeing early signs of increased cost pressures, and the support provided by the new energy bill relief program should help alleviate this.
“Before this six-month program for businesses ends, the government should take into account the full range of cost pressures facing businesses, including law firms of different sizes, to shape continued support. it provides to vulnerable businesses.
“The legal sector is an economic powerhouse and adds £60 billion to the UK economy every year and employs 552,000 people across the country.
“However, there is evidence that business confidence among small and medium-sized law firms is starting to decline. Our recent survey shows that law firms have highlighted an economic downturn as one of their biggest concerns for the next 12 months.
A judicial review
As part of its plan, the government has announced specific changes to speed up the delivery of infrastructure, including considering options to modify the judicial review system to avoid claims that cause unnecessary delays in delivery.
“Court challenges are a safety net that ensures the government is acting lawfully, according to laws approved by a democratic parliament,” said I. Stephanie Boyce.
“We await full details of the proposed steps. We want to be reassured that any proposal will not restrict access to justice or undermine the rule of law.
Notes to Editors
Read the UK government’s 2022 growth plan
About the Law Society
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Press office contact: Naomi Jeffreys | 020 8049 3928