Autumn Budget 2026: Stamp Duty and property tax explained

Every autumn brings a Budget, and with it plenty of speculation about property tax. This year the rumours are louder than usual. There is a new Prime Minister, a new Chancellor and a Budget date of 28 October, and some movers are wondering whether to wait and see.

The speculation does damage of its own. Lenders’ body IMLA warned that uncertainty alone was unsettling the market, and the last time a Stamp Duty overhaul was rumoured, the market slowed for months until the decision was announced.

The good news is that the picture underneath the headlines is calmer than it looks. Here is what is confirmed, what is still just talk, and what it all means if you are planning to move. 

Andy Burnham became Prime Minister on 20 July 2026 and has indicated that Stamp Duty will not change at the Autumn Budget. Asked directly whether he would change or scrap it, he said that “would not be happening”.

Chancellor John Healey delivers the Budget on Wednesday 28 October, alongside a fresh forecast from the Office for Budget Responsibility.

Stamp Duty rates and thresholds are the same as they have been since April 2025, when the first-time buyer threshold moved back down from £425,000 to £300,000. For almost everyone completing a purchase this autumn, the tax you pay is the tax that exists today.

In England and Northern Ireland, the standard Stamp Duty Land Tax threshold is £125,000. You pay no tax on that portion of the purchase price, then progressively higher rates on the portions above it.

Eligible first-time buyers pay no Stamp Duty on the first £300,000 and 5% on the portion between £300,000 and £500,000. If the property costs more than £500,000, first-time buyer relief does not apply and standard rates apply to the whole purchase.

Purchases of additional homes generally attract a 5 percentage-point surcharge on top of standard rates. Different rules apply in Wales, where buyers pay Land Transaction Tax.

Use our Stamp Duty calculator to estimate the tax on your purchase. 

Stamp Duty applies in England and Northern Ireland. In Wales you pay Land Transaction Tax, which the Welsh Government sets and the Welsh Revenue Authority collects, so nothing the Chancellor says on 28 October changes it directly.

The main residential nil-rate band is £225,000 in Wales, the highest starting threshold in the UK, and there is no first-time buyer relief. The return is due within 30 days of completion rather than the 14 days that apply in England. The mansion tax is an England-only measure too, because property taxation is devolved. 

Several bigger ideas are being floated ahead of the Budget:

• Replacing Stamp Duty and council tax with a recurring property tax
• A land value tax charged on the land rather than the building
• A version where the seller, rather than the buyer, pays on higher-value homes

These are proposals and think-tank papers, not law. Downing Street has said reports that the Prime Minister is actively considering scrapping council tax or Stamp Duty are not true. A change on this scale would need consultation and a long lead-in, so none of it is likely to affect a move happening now. 

A mansion tax was announced at the November 2025 Budget and scheduled to begin in April 2028. The high value council tax surcharge (HVCTS) announced at the November 2025 Budget, starts in April 2028 on English homes valued at £2m or more. It runs from £2,500 to £7,500 a year depending on value, is paid by owners rather than occupiers, and is based on what a home was worth in 2026. The Office for Budget Responsibility expects around 156,000 properties to be affected.

There has also been speculation that the threshold could be reduced to £1.5m. Tax Policy Associates estimates that would pull in roughly 150,000 more homes, nearly doubling the number in scope, concentrated in London and the commuter belt. At the time of writing, the published proposals continue to apply to properties valued at £2 million or more.

The government is consulting on the detailed design of the scheme, including support measures for homeowners who may have difficulty meeting the cost.

From our perspective, a few things would make life better for movers whatever system is in place: 

The Stamp Duty rate you pay is based on the rules in place on your completion date - not when you made your offer or exchanged contracts.

We give you the figure early, so you know it before you commit. Then we file the return and pay HMRC within 14 days of completion, or file with the Welsh Revenue Authority within 30 days if you are buying in Wales.

If a future Budget did change the rates, transitional rules usually protect deals already contracted, but they are written case by case. Ask us rather than assume.

Delaying a move has its own costs. Mortgage offers expire, chains wobble, and sellers accept other offers. Whether to delay or proceed is a personal decision. Buyers should consider their mortgage offer, chain, timescales and wider circumstances rather than basing the decision solely on Budget speculation.  

Eden Conveyancing will handle the administration of any SDLT return required as part of your transaction, ensuring it is submitted and paid within the applicable deadlines using funds provided by you.

SDLT can be complex and the amount payable will depend on the specific circumstances of your purchase. If you are unsure about your SDLT position, or your transaction has unusual or complex tax implications, we would always recommend seeking independent tax advice. While we can assist with the administration of your SDLT return, advice on tax liabilities, reliefs and wider tax planning falls outside the scope of our conveyancing service.

Where specialist advice is required, we can introduce you to an independent third-party SDLT adviser who can provide advice tailored to your individual circumstances.