McHale & Co. Solicitors Blog

Changes to Stamp Duty and What They Mean To You

Buy-to-Let landlords will shortly be hit with an extra 3% charge on each stamp duty band, varying on value. From April this year anyone left with two properties after buying or selling will attract the increase banding rates.

The changes apply to properties in England, Wales and Northern Ireland and have been brought in by the government in an attempt to free up housing for first time buyers.  The new changes will mean those seeking to buy a property as a Buy-to-Let will have thousands added on to their Stamp Duty Land Tax. For example at present anyone buying a second property for £250,000.00 could see their Stamp Duty payment increase by £7,500 come April.

The new changes don’t just affect Landlords, it will affect anyone who owns a second home. This could include parents buying a property for their children to live in or those who want a second home.

Those owning a second home or property portfolio will not attract the extra stamp duty however if the second homes are purchased prior to April, or if after April they plan to buy a new home to live in and sell their old one.

There is enough time for those looking to buy a second home or increase their property portfolio to buy a property in advance of the new changes, however this window of opportunity is quickly closing.

Should you wish to discuss purchasing a second property or what affect the new Stamp Duty charges will have on you please contact our accredited property team on 0161 928 3848 or by email at mch@mchaleandco.co.uk

Categories: Conveyancing

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