- Category: Taxes
No it isn’t an April Fool’s hoax, another 3% cost will be incurred from the 1st April 2016 on any residential property transaction which is not for their main home.
The idea is to raise additional tax-revenue in an area of housing that the government wants to discourage - investors purchasing properties to then rent out. The government’s main aim is for people to buy homes which they, themselves, will live in.
Practically, this measure is through an additional percentage on the Stamp Duty Land tax for related property transactions, across the whole board of prices including those under £125,000 which currently have no charge.
So, a £125,000 purchase will cost an additional £3750, and a £300,000 one an additional £9,000; serious figures...Write comment (0 Comments)