The costs of a ‘buy to let’ or a second home are about to increase in the first of the chancellor’s tax changes, which affect second homes and particularly ‘buy to let’ properties. From 1st of April a 3% surcharge on SDLT or ‘Stamp Duty’ will kick in, which means that on a property of £180k, there will be an additional £5,400 in tax on purchase costs. Most affected will be ‘buy to let’ landlords who are on thin margins, as this tax increase puts pressure on their yields from the offset.
This, coupled with the loss of interest rate relief, will come into effect in 2017; landlords will have to work even harder to generate a profit on their income. So if you are a landlord looking to purchase before the rules change, or a landlord looking to offload underperforming stock, there is just time to get transactions through to completion before this year’s deadline on April 1st. Call us now if you would like us to act for you and help get your transaction over the line.
Venetia Lawson-Cruttenden [solicitor] is fantastic! She is always so thorough and efficient and gives you the
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DG Law always step up to the plate on our transactions and handle the various
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DG Law were constantly at hand, and kept pro-active throughout the thorny process of getting
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