Five things you need to know about the new 3% stamp duty super tax

Jo Morgan, Associate and Chartered Legal Executive in Coodes’ Residential Property team, lists the five things you need to know about the new 3% stamp duty surcharge on second homes.

1. From 1^st April, anyone buying a second home will pay 3% more stamp duty.
2. There are some exemptions, including the purchase of houseboats, mobile homes and transactions under £40,000.00.
3. If you’re a first time buyer purchasing a property with someone who already owns a home then the levy applies.
4. HMRC will consider property owned anywhere in the world when deciding if the higher rate is due, so if you already own a property abroad the surcharge will apply to a UK purchase.
5. The Government may refund the surplus duty if you sell your previous main residence within 3 years.

Read more about the Stamp Duty super tax here. For further advice and assistance on buying or selling a property, contact Jo Morgan at Coodes by emailing Jo.Morgan@coodes.co.uk or calling 01726 874727.