Don’t get caught out by stamp duty hike

Home owners and landlords are due to be blasted with huge stamp duty increases starting from April.

Chancellor George Osbourne announced in the Autumn Statement that those buying second homes or buy-to-lets will face a steep stamp duty hike of 3%.

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The Government claim that the new tax will raise an extra £1 billion for the Treasury by 2021, which will go towards housebuilding and community regeneration.

Home owners and buy to let investors are due to be slammed with stamp duty payments of anywhere from 3% for homes £120,000 and under to 15% for homes over £1.5 million.

Analysts are predicting a buying frenzy from buy-to-let investors hoping to avoid the eye watering tax hike.

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Letting agents have already reported a huge jump in buy-to-let activity and are expecting to see further escalation as the deadline approaches.

The tax increase will only apply to purchases of buy-to-lets and second homes which complete on or after April 1 so if you are thinking about buying its imperative that you make a move now.

 

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