Stamp duty changes apply from today
The new rate of stamp duty on buy-to-let property and second homes comes into force today 1st April.
There are exemptions however to this change in property tax, buying a property for less than £40,000, caravan or houseboat will not be included. Home movers who buy their next property before selling the one they are living in will also be exempt but will have to reclaim the 3% tax back, as long as they sell within 3 years of the transaction.
The new rate of stamp duty will have a significant effect on the cost of buying an additional property, the extra cost for a property of £280,000 will be £8,400.
Land and Buidlings Transaction Tax (LBTT) replaced Stamp Duty Land Tax (SDLT) in Scotland in April last year, and while the price bands differ, the system works in much the same way, new rates apply as of today similar to England and Wales.
To be absolutely sure of changes of rates and how it will affect each individual purchase refer to the Government website or take professional advice.