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Stamp Duty Changes 2016

Stamp Duty for Buy to Let Property

Stamp duty tax liability for buy to let property is set to increase from April 2016.

In his Autumn statement the Chancellor announced a substantial rise in stamp duty levels for buy to let purchases. From 2016 all buy to let purchases will attract an additional 3% stamp duty surcharge. There will be a new starting threshold of £40,000 which will capture nearly all buy to let transactions.

Stamp Duty Changes 2016

In his Autumn Statement on the 25th November 2015, the Chancellor George Osbourne quoted: “People buying a home to let should not be squeezing out families who can’t afford a home to buy. So I am introducing new rates of stamp duty that will be three per cent higher on the purchase of additional properties like buy to lets and second homes.”

The changes will increase the stamp duty tax on a £275K buy to let purchase from £3,750 to £12,000. The changes also apply to property being purchased as a second home.

If you would like further information please click here

Source: https://www.stampdutycalculator.org.uk/stamp-duty-buy-to-let.htm

If you are planning to move home within the near future then get in touch with our Conveyancing Team by calling us on 02920 484550.