Stamp duty changes explained

We recently blogged about the new surcharge on buying second homes.

Stamp Duty

Stamp Duty

Essentially, from 1st April 2016, stamp duty is increasing by 3% for a second home. The increase will impact landlords and private individuals interested in buying a second home.

The new charge is levied on all properties over £40,000 and it applies to the entire price of a property.

Want to calculate what this could mean for you? Here’s our quick guide:

Stamp duty for buy-to-let and second home buyers

Bands

Rate pre 1 April 2016

Rate from 1 April 2016

Up to £125,000

0%

3%

£125,001 – £250,000

2%

5%

£250,001 – £925,000

5%

8%

£925,001 – £1.5m

10%

13%

over £1.5m

12%

15%

 

As the cost of buying and selling property rises, at Redstones, we are proactively advising our clients on where costs can be minimised and our own charges are extremely competitive too.

We also work hard to achieve the best possible prices for our properties. Find out more about which services attract clients to Redstones.