The Latest Obstacle for Landlords

From 1st April 2016 the amount of Stamp Duty Land Tax (SDLT) payable by you on the purchase of a second property whether this is a Buy to Let or a second home, increased by an additional 3%. If you were to purchase a second property worth £100,000 the stamp duty payable would be £3,000 rather than £0.

This table shows the amounts payable:-

table-for-article

*Transactions under £40,000 do not require a tax return to be filed with HMRC.

Should you need any advice about how you may be impacted by SDLT or if you are considering buying or selling a property please do not hesitate to get in contact with a member of our property team. We promise you will not be disappointed with our service. This has had a huge impact on the Buy to Let market. The number of UK households renting property rose from 2.3 million in 2001 to 5.4 million in 2014 according to RICS (the Royal Institution of Chartered Surveyors). Since the change in SDLT has taken place it has been recorded that the UK is facing a “critical rental shortage”. The BBC also state “next year, landlords are likely to be hit again when their right to deduct their mortgage interest from their income tax bill is removed.”