From April 2016, buy-to-let landlords and people wanting to buy second homes will be subject to more stamp duty. Those in England and Wales will have to pay a 3% surcharge on each stamp duty band. This means that a typical purchase of a property between £125,000 and £250,000 will increase from 2% to 5% for potential landlords.The stamp duty rates on buy-to-let purchases now look like:
|Property value||Standard rate||Buy-to-let/second home rate (April 2016)|
|Up to £125,000||0%||3%|
|£125 – £250,000||2%||5%|
|£250 – £925,000||5%||8%|
|£925 – £1.5m||10%||13%|
If you’re looking to become a landlord and purchase a buy-to-let home, act now to avoid increased stamp duty charges. Get an instant conveyancing quote and save up to 15% on our legal fees.The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article. Setfords Solicitors are a national full service law firm, with conveyancing solicitors in Guildford and across the country.