Are you considering buying a second property?
If you’re considering buying an additional residential property, including second homes and buy-to-lets, you will have to pay an extra 3% points in stamp duty from April 1. The surcharge applies on top of the current stamp duty land tax rates. This means there will be 3% tax (currently 0%) to pay on homes worth up to £125,000, a 5% tax (instead of 2%) on homes that are priced between £125,001 and £925,000. Homes worth up to £1.5m will be subject to 13% stamp duty and those that cost more than this amount will incur a 15% charge.