Many of us may have been watching the Autumn statement with hopes there will be a shift on Stamp Duty, in favour of buyers. However in a surprise move it was announced by the chancellor that Stamp duty will be increased for buy-to-let properties and second homes.
From 1st April 2016 there will be higher rates of stamp duty applied of 3% above the current stamp duty rates. As this can be interpreted in different ways it is difficult to know the exact additional cost. The figures below provided by Capricorn Finical are the worst case scenario, where the 3% increase is applied to all the current stamp duty bandings.
The following image shows the potential changes to stamp duty.
These calculations will be subject to change, if the rules are implemented in a different way.
Perhaps for those considering purchasing an investment property or second home may want to do this in the new year to avoid the extra tax!