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Stamp Duty rises due for Buy-to-Let Investors

Sue Woodall, Director and head of Astle Paterson’s Conveyancing Department discusses the effects of the latest proposed tax changes for Landlords.

Sue said “It has been announced that from April 2016, properties being purchased as a second home or as buy-to-let investments will be subject to a 3% Stamp Duty increase.

Such purchases will therefore always be subject to Stamp Duty – indeed, the purchaser will be obliged to pay 3% Stamp Duty above the usual Stamp Duty rate on their purchase.

Further, from April 2019 there will be a change to the Capital Gains Tax rules for buy-to-let investors.  At present, when selling a buy-to-let property the sellers are able to wait until the end of the tax year to discharge any Capital Gains Tax liability arising from the sale – however from April 2019, Capital Gains Tax must be paid within 30 days of the property sale.”

The Stamp Duty rates for second home purchaser or buy-to-let investors under the new rules from April 2016 will be:-

Property Price

Standard Stamp Duty rate

Buy-to-let Stamp Duty rate

Up to £125,000

0%

3%

£125,000-£250,000

2%

5%

£250,000-£925,000

5%

8%

£925,000-£1.5m

10%

13%

Over £1.5m

12%

15%

If you wish to purchase a property, either as an investment or if you are moving home, Astle Paterson are Conveyancing Quality Scheme accredited and will advise and assist you through to ensure you enjoy a smooth property transaction.

Please contact our conveyancing department on 01283 531366 or by email at conveyancing@astlepaterson.co.uk to discuss matters further. 

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