Bad but expected news for landlords regarding stamp duty land tax

The Chancellor’s Budget has today confirmed the government’s announcement in the Autumn Statement 2015 that from 1 April 2016, higher rates of Stamp Duty Land Tax (“SDLT”) will apply to purchases of additional residential properties, such as second homes and buy-to-let properties.

The higher rates will be three percentage points above the current SDLT rates and will apply to purchases of additional residential properties in England, Wales and Northern Ireland.

The new rates which will affect property purchases from 1 April 2016 are as follows:

Our Property team would be happy to advise you if you have any queries about how this might affect your current plans. Please contact Hatch Brenner at 01603 214 220.

Please reference point 3.20 of the government’s Budget 2016 Policy Paper for more information.

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