How has UK Stamp Duty changed since 2014 & changes affecting buy-to-let investors and purchasers of second homes.
Before 2014 a ‘slab structure’ was in place with buyers paying a rate based on the ENTIRE property purchase price. The new rates are now payable only on the PORTION of a property price which falls within each band. As with every tax, there are those who will be better and worse off compared to the previous system. Now from April 1st 2016 a new additional charge of 3% of SDLT on purchases of additional residential property above £40,000 will apply this will affect buy-to-let properties and second homes. For example the nil rate band will increase to 3% and the top slice of SDLT will increase to 15%.
The calculator below will enable you to determine what Stamp Duty will now be payable on your property purchase with and without the additional tax levied on properties that are being purchased either under a buy-to-let scheme or as a second home.
Enter the estimated value of your purchase below and click Calculate.
If you wish to see what effect the additional 3% rate would have, click the check-box and re-calculate.
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The reason we choose Shortland Horne was because of Sue Costello. Sue was personable & empathetic to our needs and gave an honest and realistic opinion of the current market. Sue is experienced, knowledgeable and lead her lead with much efficiency. Thank you.D M. November 12th 2020
Both Sue & Richard really are an asset to Shotland Horne. Right from the outset they both provided a wealth of knowledge and a strong commercial acumen, guiding me through the process and taking the stress out of the process where possible. They were thorough in their approach to marketing my property and reacted impressively to the challenges that arose from Covid. I would without a doubt reach out to them both if I were to put a property on the market again.Sophie McCann October 27th 2020
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