Budget 2016 – UK Stamp Duty
Despite Osborne’s best efforts to talk up today’s budget, the bottom line is that Britain’s economy looks rather weaker than at November’s autumn statement. He has a number of headaches to contend with and made some controversial decisions last year, including hitting buy-to-let landlords hard with a STAMP DUTY surcharge.
The Chancellor has warned Britain must ‘act now or pay later’ and even more so now in the face of global economic uncertainty, which erupted at the start of 2016.
The Chancellor has also confirmed in his Budget speech that the 3% Stamp Duty surcharge on additional properties is to go ahead next month and that larger investors will not be exempt from the stamp duty changes – meaning all purchasers of buy-to-let properties will pay the additional tax.
He said that receipts would go toward helping people get on the housing ladder in the south west of England.
George Osborne also announced reforms to Stamp Duty Land Tax on commercial property, which will kick in at midnight tonight.
He said that the reforms would be similar to those introduced on residential property, meaning that smaller businesses would pay less and larger ones would pay more.
Buy-to-let and second homes Stamp Duty 2016
From April 2016, property buyers in England and Wales will have to pay an additional 3% on each STAMP DUTY band. To discuss which London or UK areas will provide the highest returns on investments in 2016 and 2017
Contact VitalSpace to speak with one of our property experts who can offer advice on where and when to invest. More information on Second Home or Buy-to-Let STAMP DUTY or to calculate surcharge.
