Stamp Duty Land Tax - Additional Properties

 

In the recent Autumn Statement by the Chancellor, changes were annouced that will affect many.

Higher rates of SDLT will be charged on purchases of additional residential properties (above £40,000), such as buy to let properties and second homes, from 1st April 2016. The higher rates will be 3 percentage points above the current SDLT rates. The additional money raised will help fund a series of government incentives aimed at helping those struggling to buy their first home (see the Help to Buy section later in this document). As a reminder, the current SDLT rates and thresholds are as follows:

  •   Property purchase price up to £125,000: 0% 
  •   Next £125,000 (the portion from £125,001 to £250,000): 2% 
  •   Next £675,000 (the portion from £250,001 to £925,000): 5% 
  •   Next £575,000 (the portion from £925,001 to £1,500,000): 10% 
  •   The remaining amount (the portion above £1.5 million): 12% 

 

In Scotland, transactions on or after 1st April 2015 are subject to Land and Buildings Transaction Tax (LBTT) rather than SDLT. 

Annual Tax on Enveloped Dwellings (ATED) and 15% rate of Stamp Duty Land Tax: scope of reliefs 

The government will extend the reliefs available from ATED and the 15% higher rate of SDLT to equity release schemes (home reversion plans), property development activities and properties occupied by employees from 1st April 2016. 

 

 

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