{"id":294,"date":"2016-01-18T11:18:32","date_gmt":"2016-01-18T11:18:32","guid":{"rendered":"https:\/\/www.it-contractor-mortgages.co.uk\/?page_id=294"},"modified":"2017-07-21T09:25:11","modified_gmt":"2017-07-21T08:25:11","slug":"stamp-duty","status":"publish","type":"page","link":"https:\/\/www.it-contractor-mortgages.co.uk\/stamp-duty","title":{"rendered":"Stamp Duty"},"content":{"rendered":"

[vc_row full_width=”stretch_row” css=”.vc_custom_1453138895005{margin-bottom: 0px !important;padding-top: 20px !important;padding-bottom: 20px !important;background-color: #f1f1f1 !important;}”][vc_column][vc_column_text]<\/p>\n

What are changes?<\/h2>\n

From April 2016, the Stamp Duty Land Tax (SDLT) payable on the purchase of any second home or Buy to Let property will increase by 3%. Subject to consultation, the change may apply to properties bought for more than \u00a340k and will apply regardless of current SDLT banding. The consultation will also confirm many of the finer points around exclusions and alternative applications.<\/p>\n

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\u00a0How is Stamp Duty calculated?<\/h2>\n

Example: <\/strong>If you buy a house for \u00a3275,000, the Stamp Duty you owe is calculated as follows:<\/p>\n

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[\/vc_column_text][\/vc_column][\/vc_row][vc_row full_width=”stretch_row” css=”.vc_custom_1453138910516{margin-bottom: 0px !important;padding-top: 20px !important;padding-bottom: 20px !important;background-color: #f1f1f1 !important;}”][vc_column][vc_column_text]<\/p>\n

\u00a0How does this affect different regions?<\/h2>\n

Properties in the North and Wales where the average BTL property value is under \u00a3125k will now pay stamp duty, where before they were broadly exempt. However, larger value properties in London and the South will also see a significant increase in cost.<\/p>\n

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Does this change impact Scotland?<\/h2>\n

Scotland no longer charge Stamp Duty on property purchases, instead a Lands and Buildings Transaction Tax is payable. This tax is structured in the same way as Stamp Duty, albeit with different property value thresholds.<\/p>\n

If has not yet been made clear whether the 3% increase will also apply to Scotland, or just England, Wales and Northern Ireland.<\/p>\n

[\/vc_column_text][\/vc_column][\/vc_row][vc_row full_width=”stretch_row” css=”.vc_custom_1453138932663{margin-bottom: 0px !important;padding-top: 20px !important;padding-bottom: 20px !important;background-color: #f1f1f1 !important;}”][vc_column][vc_column_text]<\/p>\n

\u00a0When does the increase to stamp duty for BTL and second properties start?<\/h2>\n

The increase to Stamp Duty will apply to completions on purchases from 1st April 2016<\/p>\n

[\/vc_column_text][\/vc_column][\/vc_row][vc_row full_width=”stretch_row” css=”.vc_custom_1500625510141{margin-bottom: 0px !important;padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_column_text]<\/p>\n

Are there any exceptions to the new Stamp Duty rules?<\/h2>\n

The initial announcement highlighted that portfolios with more than 15 properties may be exempt. However, this is subject to consultation with further details to follow.<\/p>\n

[\/vc_column_text][\/vc_column][\/vc_row][vc_row full_width=”stretch_row” css=”.vc_custom_1453138950361{margin-bottom: 0px !important;padding-top: 20px !important;padding-bottom: 20px !important;background-color: #f1f1f1 !important;}”][vc_column][vc_column_text]<\/p>\n

Are we likely to see a spike in application volumes between now and the introduction of the new rules?<\/h2>\n

As purchase applications will need to complete prior to 1st<\/sup> April in order to avoid the new, increased Stamp Duty charges, it is more likely that landlords will seek to push these through over the coming months. However, with a finite stock of properties within the market, any increase of applications will have a limit.<\/p>\n

[\/vc_column_text][\/vc_column][\/vc_row][vc_row full_width=”stretch_row” css=”.vc_custom_1500625513738{margin-bottom: 0px !important;padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_column_text]<\/p>\n

Will applications have to complete before the introduction of the new rules to avoid the increased Stamp Duty?<\/h2>\n

Yes, purchase applications will need to complete prior to 1st<\/sup> April in order to benefit from the current Stamp Duty charging structure.<\/p>\n

[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

[vc_row full_width=”stretch_row” css=”.vc_custom_1453138895005{margin-bottom: 0px !important;padding-top: 20px !important;padding-bottom: 20px !important;background-color: #f1f1f1 !important;}”][vc_column][vc_column_text] What are changes? From April 2016, the Stamp Duty Land Tax (SDLT) payable on the purchase of any second home or Buy to Let property will increase by 3%. Subject to consultation, the change may apply to properties bought for more than \u00a340k and will apply regardless of current SDLT banding. The consultation will also confirm many of the finer points around exclusions and alternative applications. [\/vc_column_text][\/vc_column][\/vc_row][vc_row full_width=”stretch_row” css=”.vc_custom_1500625496669{margin-bottom: 0px !important;padding-top: 20px !important;padding-bottom: 20px !important;}”][vc_column][vc_column_text] \u00a0How is Stamp Duty calculated? Example: If you buy a house for \u00a3275,000, the Stamp Duty you owe is calculated as follows: [\/vc_column_text][\/vc_column][\/vc_row][vc_row full_width=”stretch_row” css=”.vc_custom_1453138910516{margin-bottom: 0px !important;padding-top: 20px !important;padding-bottom: 20px !important;background-color: #f1f1f1 !important;}”][vc_column][vc_column_text] \u00a0How does this affect different regions? Properties in the North and Wales where the average BTL property value is under \u00a3125k … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"yoast_head":"\nStamp Duty | IT Contractor Mortgages<\/title>\n<meta name=\"description\" content=\"Stamp Duty Land Tax (SDLT) is a progressive tax paid when purchasing a freehold, leasehold or shared ownership residential property.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.it-contractor-mortgages.co.uk\/stamp-duty\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stamp Duty | IT Contractor Mortgages\" \/>\n<meta property=\"og:description\" content=\"Stamp Duty Land Tax 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