Changes to Stamp Duty due to come into force on 1st April, 2016 will mean an increase in the tax due for many purchasers buying additional property who already own a residential home. The proposals are due to increase the stamp duty rate by 3% above the current rates, and will be effective on all applicable transactions over £40,000.00. The legislation is due to be published in March, and so until then, we will not know how this will be fully practically implemented. Following the proposals from HMRC, there are also some matters to be decided on as to the effect of the new rules in particular circumstances.
It is a case of ‘watch this space’ until mid-March 2016, when the definitive rules will be published, but if you would like to talk to us about this, please do not hesitate to give us a call.