The final policy design for the planned Stamp Duty Land Tax changes for second home and buy-to-let properties in England, Wales and Northern Ireland will be confirmed in the budget today.
The government is bringing about these changes as they are committed to promoting and supporting homeownership and their consultation period ended on 1st February 2016. All we know at present is that if you complete the purchase of a second or buy-to-let home for over £40,000 on or after 1st April 2016 you will pay a minimum of 3% stamp duty as each tax band (based on December 2014 changes) increases by 3%, with very limited exception.
In addition to these imminent Stamp Duty Land, Tax changes the government is also expected to launch another consultation in 2016 to reduce the window for filing and paying Stamp Duty Land Tax without penalty from 30 days to 14, with changes likely to take effect in 2017.
If you would like more information on this or any aspect of residential conveyancing please contact Emma Millington at Beswicks Legal on 01782 404660 or firstname.lastname@example.org