UK Stamp Duty
Last week, the Chancellor Rishi Sunak announced a cut in stamp duty to 0% for the first £500,000 of the property purchase price in order to kick start the housing market. But does this stamp duty cut apply to second properties? The answer to this question is yes and no. The way that stamp duty […]
The Chancellor of the Exchequer, Philip Hammond, delivered his 2018 Budget yesterday (29th October) and introduced a couple of changes to Stamp Duty within that budget. One change was announced in the House of Commons during his budget speech and the other change was in the small print of the published budget documentation and so […]
If you want to work out the amount of stamp duty payable on a second property purchase where you already own a property and the higher rates are due, then you can work this out below. The Chancellor of the Exchequer introduced and additional 3% stamp duty charge for those people who are buying a […]
Since the new rules on the amount of Stamp Duty that you have to pay were introduced in April 2016 there have been many questions about whether or not you need to pay the extra Stamp Duty of 3% when buying property if you (and that means one of you if you are buying as […]
In April 2016 the government introduced the extra 3% stamp duty for purchases of second and further properties in the UK. This was to discourage the recent buy to let phenomenon which has meant that a lot of first time buyers are struggling to get on the property ladder. However, there are a lot of […]
There are many scenarios surrounding the payment of the additional 3% of stamp duty which applies if you buy a second home which is not replacing your main residence. One of the possibilities is if you are considering buying a houseboat when you already own one or more properties. This could also apply if you […]
There is a lot of confusion about the new stamp duty that generally applies to purchases of second homes. One particular area of confusion lies where a person has already sold their main residence and is about to buy another one. The confusion lies where the person in question also owns other properties (or even […]
Will I pay the extra 3% stamp duty if I buy a property which will be the only home that I own and then I rent it out? Since the introduction of the extra stamp duty tax on second home purchases, many people are thinking that this is an extra tax on buy to let […]
When the bill for the extra 3% stamp duty on second properties came into effect on 1 April 2016, some people were concerned that they would have to pay extra stamp duty on any transaction that also included purchasing a granny annex alongside a main residence, which would make the stamp duty bill extremely large […]
So at the end of this week the new stamp duty charge will be introduced of 3% on top of standard levels if you are buying a second property. Although the changes went through a consultation period not many changes came out of this apart from the maybe unexpected change of extending the crossover period […]