The government have made an announcement that buy to let landlords and people buying second homes will soon have to pay more in stamp duty land tax.
It is proposed that from April 2016 those buying a property in England and Wales will have to pay a 3% surcharge on each stamp duty band.
It is also proposed that the duty will be payable even on those properties underneath the current stamp duty threshold of £125,000.
This means that properties worth up to £125,000 will be subject to a 3% stamp duty and those between £125,000 and £250,000 will be subject to a 5% and those subject to £250,000 to £925,000 will be subject to an 8% and those between £925,000 and 1.5 million will be subject to 13% and those over 1.5 million will be 15%.
It is also proposed that there will be future changes to capital gains tax.
Therefore, it is anticipated that there will be a surge in buy to let landlords and those purchasing a second home wishing to complete before the end of March.
At Clifford Johnston & Co we appreciate the need for speed while maintaining accuracy and ensuring that there will be no future problems with the legal title to the property. If you wish to discuss a purchase or the sale or any changes to the stamp duty then please contact either Christopher Furbey at firstname.lastname@example.org or Horup Khan at email@example.com. Please get in touch if you need our help.