In todays budget the Chancellor of the Exchequer confirmed that the higher rate of Stamp Duty (SDLT) will apply from 1st April 2016 for purchases of additional residential properties, such as second homes and buy-to-let properties. The higher rates will be 3 percentage points above the current SDLT rates and will apply to purchases of additional residential properties in England, Wales and Northern Ireland.
Following consultation the government has decided:
1) to help those moving in difficult circumstances, purchasers will have 36 months rather than the originally proposed 18 months to either claim a refund from the higher rates or before the higher rates will apply, in the event that there is a period of overlap or a gap in ownership of a main residence
2) there will be no exemption from the higher rates for significant investors, and the higher rates will apply equally to purchases by individuals and corporate investors
Source :- https://www.gov.uk/government/publications/budget-2016-documents
The introduction of the proposed increase in stamp duty has seen a spike in transactions to Buy to Let landlords, but overall has not deterred landlords purchasing properties for the long term.
For advice on buying a property to let, please do not hesitate to call Key Estate Agents on 024 7635 7645 for a suitable appointment to discuss your property needs.