Buy-to-let landlords and people buying second homes will soon have to pay more in stamp duty, the chancellor has announced.
In light of this buy-to-let/second home buyers should start the process ASAP as from April 2016, those in England and Wales will have to pay a 3% surcharge on each stamp duty band. Don’t get caught out!
George Osborne said the new surcharge would raise £1bn extra for the Treasury by 2021.
The stamp duty surcharge will mean that buy-to-let and second homes will incur an extra 3% post April 2016.
Commercial property investors, with more than 15 properties, are expected to be exempt from the new charges.
Up to £60m of the money raised from the stamp duty surcharge will go to help home-buyers in England in places where holiday homes have forced up local prices.
Following this announcement The Institute for Fiscal Studies is predicting a rush. Estate agents have been advised that 50,000 purchasers of buy-to-let or second home properties could attempt to rush deals through before next April.
Sawyer & Co have some outstanding buy-to-let properties in the Brighton & Hove area so if you are considering investing in this sector now would be the right time to make your move. Our qualified agents would be delighted to discuss options further with you and in addition have professional contacts in the appropriate financial and legal fields to make the process as smooth and stress free as possible. We look forward to speaking with you soon.