At the Autumn Statement on 25 November 2015, the Chancellor of the Exchequer announced that higher rates of stamp duty land tax (SDLT) would apply to purchases of “additional residential properties” from 1 April 2016.
This measure is targeted at people buying second homes and buy to let properties and has the potential to significantly increase the amount of overall SDLT payable. The details of the new rules are subject to consultation, with draft legislation yet to be announced. However, this development will be of immediate interest to those investing in or letting residential properties.
Many questions have been raised about the impact of the new SDLT rates and, whilst much is yet to be clarified, some initial answers are set out in our Q&A briefing here.
A more detailed look at the proposals as a result of the government’s consultation paper is available here.
If you require further information on anything covered in this briefing please contact James Bromley (firstname.lastname@example.org ; 020 3375 7339), or your usual contact at the firm on 020 3375 7000. Further information can also be found on the Property page on our website.
Stamp Duty Land Tax QA Briefing December 2015.pdf271kB