Stamp Duty Land Tax

Posted on Aug.08, 2016 by in Latest News

One of the issues identified by the previous government is the difficulty which younger people have in getting onto the property ladder; and part of that government’s solution has been to introduce a tax on second homes, which came into force on 1 April 2016. This takes the form of a surcharge of 3% on the existing Stamp Duty Land Tax and Land Building Transaction Tax. So a second property worth £300,000 would incur a whopping extra charge of £9,000!

The surcharge affects holiday homes, buy-to-let and sometimes even a main residence. It even extends to properties abroad. However, homes valued at less than £40,000, caravans, mobile homes and houseboats are exempt.

Generation FS

Generation FS