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In the Government’s Autumn statement in 2015, they outlined that they would be increasing the level of Stamp duty that should be paid on second homes or additional residential properties.
Stamp duty will increase on purchases of additional residential properties (above £40,000), such as buy to let properties and second homes, from 1 April 2016.
The higher rates will be 3 percentage points above the current rates. The higher rates will not apply to purchases of caravans, mobile homes or houseboats, or to corporates or funds making significant investments in residential property.
Many people are trying to purchase these types of properties before the deadline as it could save them thousands of pounds.
Below is a quick summary of what you’d need to pay:
The additional charge applies above the current “stamp duty land tax” rates and will come into force on 1st April 2016. This means there will be 3pc tax (currently zero) to pay on homes worth up to £125,000, 5pc tax (instead of 2pc) on homes that cost between £125,001 and £250,000, and 8pc (currently 5pc) on homes worth between £250,001 and £925,000.
If you need any help with a mortgage application or finding a buy to let property or second home contact your local Rook Matthews Sayer branch who will be happy to help.