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: The UK government has extended the temporary stamp duty holiday on the first £500,000 of all property sales in England and Northern Ireland by a further 3 months until the end of June 2021 (it was due to end on 31st March). This also applies to second home buyers, although the extra 3% of stamp duty charged under the previous rules will still need to be paid.