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

Fri 1st Apr 2016

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 1st 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.

Fri 1st Apr 2016

Jo Morgan

Head of Commercial Property

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