Stamp Duty Land Tax 2016- What's changing this year?
- Author: Daniel Curry
- Posted on: 4th May 2018
- Posted in: Blog
Stamp Duty Land Tax rates changing for additional properties purchased after the 1st April 2016.
Our Conveyancing team have been working hard to complete conveyancing transactions in advance of the Stamp Duty Land Tax changes which come into force on the 1st April 2016. There has been much in the press about these changes and we have received many calls from clients enquiring how these transactions will affect them.
We are pleased that we can confirm that the vast majority of transactions will not be affected. These changes are a result of the Governments spending review in Autumn last year where plans were laid out to support low cost ownership for first time buyers. These increases in Stamp Duty apply to those who have at the time of the transaction, two or more properties and they are not replacing their main home i.e it targets buy to let investors and companies who purchase residential properties who purchase low value homes which would otherwise be available to first time buyers.
At present Stamp Duty Land Tax is payable on the purchase of a residential property valued over £125, 000, but the new Stamp Duty Rates apply to purchases of additional properties over the value of £40, 000.
This table shows the difference in rates comparing the current rates with the new rates.
|Property Value||Current SDLT Rates||New rates for additional properties from 01.04.16|
|Up to £40,000||0%||0%|
|Between £925,000-£1, 500 000||10%||13%|
|More than £1,500 000||12%||15%|
For a free no obligation quote for your conveyancing or to find out more about Stamp Duty Land Tax and what this means for you please contact our Conveyancing team on 01273 734 600 or via email firstname.lastname@example.org.