Did you know that we now have 11 different rates of stamp duty land tax (SDLT)?
From 1 April 2016, higher rates of SDLT apply to the purchase of second residential properties, adding an extra 3% to the existing rates, including those properties that would otherwise attract no SDLT as they are valued at below £125,000.
Care is needed with the additional rate of SDLT as there are a number of scenarios when it can apply unexpectedly.
For instance, where husband and wife jointly own a property and one acquires a second property, where an individual acquires a buy to let property, inherits a property in addition to their main residence, or where property is transferred between spouses or civil partners.
Due to the complexity of the SDLT rules, it is advisable to take tax / legal advice to confirm whether SDLT is payable and if so the correct rate. For more information, please contact Lesley Sutton on 01484 550037 or email firstname.lastname@example.org.