As you may be aware the Government Treasury’s Spending Review and Autumn Statement was announced this week, Wednesday, 25th November.
The document lays out a new set of rates for Buy-To-Let and second home buyers which states stamp duty will be 3% higher for all Buy-To-Let and second home transactions as of 1st April 2016, making any additional properties more expensive to acquire in the next financial year . For example an additional property worth £150,000 will cost the buyer 10 times more in tax after the change than they would pay currently.
The table below illustrates the additional sums that will be applicable and introduced on 1st April 2016.
We have a number of highly motivated buyers looking to purchase immediately before the higher stamp duty takes effect. If you are looking to sell or if you would like an up to date valuation please do not hesitate to contact us directly on 01664 474 444.
For further information on this matter please contact us or see the below link to the HMRC website below.
James Kirk, Managing Director