In the Chancellor’s Autumn Statement it was today announced that a surcharge of 3% would be introduced on all of the SDLT rates for buy-to-let properties and for second homes.
The Chancellor believes that the new surcharge will raise £1 billion for the Treasury by 2021, but some commentators believe that the change will distort the market as those that can afford to rush to acquire their second homes or buy-to-let investments over the next five months.
Coinciding with the changes to mortgage interest tax relief (being phased in from April 2017)
, the new SDLT rates are without doubt designed to be a disincentive for those considering the purchase of an additional property.
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