As from 1 April 2016,  the rates of stamp duty payable on the purchase of additional residential property (ie not your only or main dwelling) are due to increase dramatically. If the purchase price or other consideration exceeds £40,000, the entire consideration will be subject to stamp duty land tax at the following rates on a progressive basis:

·         3%: £0 - £125,000.

·         5%: over £125,000 - £250,000.

·         8%: over £250,000 - £925,000.

·         13%: over £925,000 - £1.5 million.

·         15%: over £1.5 million.

The new rates will apply to transactions completing on or after 1st April 2016, unless contracts were exchanged by 25th November 2015.

If you are looking to purchase residential property as an investment or are considering purchasing a second home over the next few months, this could have implications for the timetable for the transaction and the completion date you would wish to achieve. Please contact any member of our property department if this is something which applies to you and you would like to discuss it further.

 

Contact one our Property Team:

Hay on Wye:  ctheobald@gabbs.biz     
Leominster:    jthacker@gabbs.biz
Hereford:        jlee@gabbs.biz 

Our offices

 

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