In his Autumn Statement last year, the UK Chancellor announced an increase in the rate of stamp duty land tax (SDLT) that will be paid from 1 April 2016 on purchases of additional residential properties valued over A?40,000, such as buy to let properties and second homes. Purchasers of such properties will pay an additional 3% SDLT above the rates they would have paid under the existing rules. The government is consulting on the detail of the policy. Here is a useful flowchart:
Buying in the UK? Ready to pay an EXTRA 3% tax? Maybe up to 15% tax in total?
Factor this in when looking to invest in property in the UK.
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