Stamp Duty on second homes13th June 2017 | Posted in: Properties, Regulations
Since 1 April 2016 there has been a 3% supplementary charge on both Stamp Duty Land Tax (SDLT) and Land & Buildings Transaction Tax (LBTT) payable on the purchase of second and subsequent residential properties costing more than £40,000. This was clearly aimed at buy-to-let investors as well as those buying second homes.
Note that this additional 3% charge might not apply where the main residence is replaced.
Where the new main residence is bought before the old home is sold the 3% still has to be paid but is refunded if the old home is sold within 36 months (SDLT) or 18 months (LBTT).
If you wish to discuss this or any aspect of purchasing a second or subsequent residential property, please contact us and you will be put through to one of our team.