Residential Stamp Duty Rules on Second Homes
The specialist conveyancing team here at Bartletts is renowned for buying, selling and transferring property with a minimum of fuss. We are experts at advising on stamp duty liabilities.
Since 1st April 2016, property buyers in England and Wales are obliged to pay an extra 3% above the current rates in Stamp Duty Land Tax (SDLT) on purchases of additional residential properties - classified as any property that is not the buyer's main residence - with a value above £40,000.
The legislation aims to make it easier for first-time buyers to get on the housing ladder by increasing the stamp duty bills of buy-to-let landlords and purchasers of second homes. It is also intended to boost the government's affordable housing budget, and slow the rapid growth of the often controversial buy-to-let industry.
New: Since 1st October 2021, the stamp duty holiday has ended and the thresholds have reverted to what they were prior to 8th July 2020. Stamp duty is now once again payable at the normal rates on the value of residential properties over £125,000.