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'Additional residential' Stamp Duty Changes

Saturday, 23 January 2016  |  Admin

Higher rates of Stamp Duty Land Tax (SDLT) for purchases of additional residential properties

In his Autumn Statement the Chancellor announced higher rates of Stamp Duty Land Tax (SDLT) for purchases of additional residential properties, such as second homes and buy-to-let, coming into effect from 1 April 2016.  The higher rates will be 3% above the current SDLT rates, payable on the total price paid for the property.  The new rates will not affect transactions up to £40,000 where a SDLT return will not be required. The higher rates will not apply to the replacement of a main residence or to corporates and funds making significant investments in residential property. 

 

The Government is currently consulting on the higher rates of stamp duty land tax for purchases of additional residential property.  The consultation can be found at https://www.gov.uk/government/consultations/consultation-on-higher-rates-of-stamp-duty-land-tax-sdlt-on-purchases-of-additional-residential-properties  and contains examples of how the higher rates apply in different cases, which you find useful.

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