Shocking Tax Crackdown for Landlords in 2016

Following the Government’s Autumn Review on spending, the Chancellor has announced a raise in Stamp Duty rates for Landlords/second home owners.  The 3% Stamp Duty surcharge comes into effect from 1 April 2016 and is hoped to raise almost £1billion for the Treasury by 2021.

The new rate will be due on any additional residential property purchased (above £40,000), such as buy to let properties and second homes, and will see the tax payable jump considerably (see table below).  

 

Purchase price

First home

Buy to let/ second home

£100,000

Zero

£3,000

£125,000

Zero

£3,750

£150,000

£500

£5,000

£175,000

£1,000

£6,250

£200,000

£1,500

£7,500

£250,000

£2,500

£10,000

£300,000

£5,000

£14,000

£400,000

£10,000

£22,000

£500,000

£15,000

£30,000

£750,000

£27,500

£50,000

£1m

£43,750

£73,750

Figures for England and Wales only. Scotland has different stamp duty rates.

If you would like to speak to a member of our Property Department about Stamp Duty please contact Samantha Evans on 01743 285888 or email samanthae@terry-jones.co.uk.

 

 

« Return to News

Need advice? Email us enquiries@terry-jones.co.uk