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Stamp Duty Higher Rates | SDLT Additional Properties, Buy To Let, Second Homes

Stamp Duty Changes (SDLT) from 1st April 2016 for Buy-To-Let, Additional Properties and Second Homes

With the impending announcement due anytime now from the UK Government relating to Stamp Duty and SDLT on additional properties, we can confirm that our Stamp Duty Calculator has been updated and works with these new rates and changes. Simply enter a few details into the SDLT calculator above, answer the additional property question and quickly and accurately you can Calculate Stamp Duty or SDLT for your property purchase.

Who does the Stamp Duty increase affect?

The current SDLT rates will remain in place. The new stamp duty increases, will affect anybody buying an additional property, second home or a buy to let investment property. An additional property purchase that is under £40,000, will not be subject to the new SDLT rules.

Significant Investors will also pay the new Stamp Duty Rates from April 2016

It was thought that from the Governement's initial autumn budget, that the new 3% stamp duty increase, would NOT affect "significant investors". A significant investor was somebody or a company purchasing more than 15 or more properties in a transaction. Essentially a loophole that would have allowed buy-to-let investors and property investment companies, to club together and buy multiple properties through a company to avoid the paying the extra stamp duty tax.

It was confirmed that this will not be the case from the 1st April 2016 and that even "significant investors" WILL have to pay the extra 3% stamp duty.

Current Rates of Stamp Duty in England, Wales and Northern Ireland

From 4th December 2014 the Stamp Duty Land Tax system was overhauled by the UK Government. The old slab style system of taxation was replaced with a progressive tax system similar to UK income tax. The new residential rates are calculated as follows:

  • 0% on the first £125,000 of the property price - nothing to pay
  • 2% on the next £125,000
  • 5% on the next £675,000
  • 10% on the next £575,000
  • 12% on the rest (above £1.5 million)

New Rates of Stamp Duty (SDLT) that come into effect from 1st April 2016 - Increase for Additional Properties

From the 1st April 2016, Stamp Duty rates for anyone purchasing an additional property will change. Additional property includes buy to let investments and second homes. Each bracket will essentially attract an additional 3% surcharge. The rates will be as follows:

  • 3% on the first £125,000 of the property price
  • 5% on the next £125,000
  • 8% on the next £675,000
  • 13% on the next £575,000
  • 15% on the rest (above £1.5 million)

 

Stamp Duty Calculations for purchasing a property in other towns and cities in England, Wales & Northern Ireland

SDLT Calculations and liability when buying a property in other counties and locations in England, Wales and Northern Ireland

Who owns and operates Calculate Stamp Duty?

Calculate Stamp Duty is owned and operated by TCN Online Limited T/A The Conveyancing Network. Our technology and software is utilised in the UK property market for conveyancing, surveying, mortgages and calculator tools such as Calculate Stamp Duty.

What is Stamp Duty (SDLT) and why do we have to pay it?

You must pay Stamp Duty Land Tax (SDLT) if you buy a property or land over a certain price in England, Wales and Northern Ireland.

The current SDLT threshold is £250,000 for residential properties and £150,000 for non-residential land and properties.

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