Act quickly on ‘Buy To Let’ properties before the 3% stamp duty hike
People buying additional property, including buy-to-let or second homes, will face a 3% surcharge on stamp duty rates from 1st April 2016, so anyone thinking of buying a second home act now!
The changes mean someone purchasing a £275,000 buy-to-let home would see their stamp duty bill rise from £3,750 to £12,000 – nearly three times as much.
What stamp duty rate will I pay?
|
PURCHASE PRICE |
CURRENT STAMP DUTY RATE (1) |
NEW STAMP DUTY RATE FOR ADDITIONAL PROPERTIES (1) |
|
Up to £125,000 |
0% |
3% (2) |
|
£125,000.01 - £250,000 |
2% |
5% |
|
£250,000.01 - £925,000 |
5% |
8% |
|
£925,000.01 - £1,500,000 |
10% |
13% |
|
£1,500,000.01+ |
12% |
15% |
|
(1) Rate applies to that portion of the purchase price (2) Properties up to £40,000 are exempt from stamp duty. Properties between £40,000.01 & £125,000 will be charged stamp duty on the full purchase price. |
||
The only exemptions to the new stamp duty rates homes that cost less than £40,000, or on caravans, mobile homes and houseboats.
To speak to our Sales Coordinators about buy-to-let opportunities at The Avenue and completing on your property before 31st March call us today on 07880 380522 or email us at sales@theavenueross.co.uk
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