{"id":420,"date":"2016-01-05T00:00:00","date_gmt":"2016-01-05T00:00:00","guid":{"rendered":"http:\/\/slacc.wpengine.com\/index.php\/stamp-duty-increase-for-second-home-buyers\/"},"modified":"2016-01-05T00:00:00","modified_gmt":"2016-01-05T00:00:00","slug":"stamp-duty-increase-for-second-home-buyers","status":"publish","type":"post","link":"https:\/\/slacc.co.uk\/index.php\/stamp-duty-increase-for-second-home-buyers\/","title":{"rendered":"Stamp Duty increase for second home buyers"},"content":{"rendered":"

\n\tGeorge Osborne and his team seem to have a grudge against landlords and second home owners. From 1 April 2016, Stamp Duty Land Tax (SDLT) payable on the acquisition of residential property – where the property is a second home or a buy-to-let investment – will see a significant increase in the amount of SDLT payable.<\/span><\/p>\n

\n\t <\/span><\/p>\n

\n\tAt present, this will only apply to properties purchased in England and Wales. In Scotland, the new Land and Buildings Transaction Tax applies.<\/span><\/p>\n

\n\t <\/span><\/p>\n

\n\tFor example:<\/span><\/p>\n

\n\t <\/span><\/p>\n

\n\tAndy Jones is considering a further acquisition for his Midlands based buy-to-let property business of £300,000. What are the SDLT implications of buying before or after 1 April 2016?<\/span><\/p>\n

\n\t <\/span><\/p>\n

\n\tCompletion date 1 March 2016 – SDLT payable would be £5,000.<\/span><\/p>\n

\n\tCompletion date 1 May 2016 – SDLT payable would be £14,000.<\/span><\/p>\n

\n\t <\/span><\/p>\n

\n\tThe virtual tripling in SDLT due is a result of the 3% increase in SDLT rates from 1 April 2016. For acquisitions after 1 April 2016 the new rates are:<\/span><\/p>\n

\n\t <\/span><\/p>\n

\n\t£0 to £40,000 no SDLT is payable<\/span><\/p>\n

\n\t£40,000 to £125,000 – 3% on total cost of acquisition<\/span><\/p>\n

\n\t£125,001 to £250,000 – 5% on this band only<\/span><\/p>\n

\n\t£250,001 to £925,000 – 8% on this band only<\/span><\/p>\n

\n\t£925,001 to £1.5m – 13% on this band only<\/span><\/p>\n

\n\tOver £1.5m – 15% of the property price above this amount <\/span><\/p>\n

\n\t <\/span><\/p>\n

\n\tWill this fuel a rush to buy before rates increase on 1 April 2016? Prospective buyers may want to consider this option, but don’t buy in haste and repent at leisure!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

George Osborne and his team seem to have a grudge against landlords and second home owners. From 1 April 2016, Stamp Duty Land Tax (SDLT) payable on the acquisition of residential property – where the property is a second home or a buy-to-let investment – will see a significant increase in the amount of SDLT […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[],"class_list":["post-420","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/420","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=420"}],"version-history":[{"count":0,"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/420\/revisions"}],"wp:attachment":[{"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}