In an effort to help re-balance the property market, government has increased Stamp Duty Land Tax rates for those who own more than one property. Exceptions do apply.
Will you be affected by the increase in Stamp Duty Land Tax rates?
The government is increasing Stamp Duty Land Tax (SDLT) for those of you who own multiple properties. This is their attempt to “help redress the balance between those people who are struggling to buy their first home, and those who are able to invest in additional properties.” The new higher rate will be exempt for:
- Those buying their first property
- Those replacing their main residence
- Those buying an additional property that is worth less than £40,000
Those of you buying a new property before the sale of your old one, will receive an extension on your grace period from 18 months to 3 years. You must still pay higher rate SDLT during this period. This just means a refund will be issued upon the sale of your second home.
We have had clients contact us who are unsure if this increased SDLT applies to them. If you’re not sure then we urge you to get in touch for some advice. You can call us on: 020 7717 8474 or email us at: markcarr@streetsweb.co.uk