Stamp Duty to Increase for Buy-to-Let Landlords and Second Homeowners

As detailed in the Autumn Statement, from April next year those purchasing a Buy-to-Let property or second home will have to pay more in stamp duty.

In a bid to raise extra funds for the Treasury, George Osborne has announced that from April 2016 those purchasing a Buy-to-Let property or a second home will have to pay a 3 per cent surcharge on each stamp duty band. It is thought the new surcharge will raise an extra £1 billion for the Treasury by 2021.

Richard Lambert, chief executive of the National Landlords Association, said:

"The chancellor's political intention is crystal clear; he wants to choke off future investment in private properties to rent.

"If it's the chancellor's intention to completely eradicate buy-to-let in the UK then it's a mystery to us why he doesn't just come out and say so."

The stamp duty surcharge will increase each band by 3 per cent, meaning properties with a stamp duty of 2 per cent will become 5 per cent for buy-to-let landlords and second homeowners.

If you're purchasing a Buy-to-Let property or any other residential or commercial property, contact our conveyancing solicitors on 01625 522 429 for advice.

Richardson Law

Conveyancing Solicitors