Stamp Duty Tax takes effect today

Friday 01 April 2016  / Ruth Montia

The new stamp duty tax on buy-to-let property and second homes comes into action as of today 1st April 2016.

The new rate of stamp duty will have a major effect on the cost of buying an additional property, so for a property worth £280,000, the extra cost will be £8,400.

If you are buying a property for less than £40,000, a caravan or a house boat, you will be exempt. For those moving and who buy their next property before selling their current home also be exempt, but will have to reclaim the 3% tax back, as long as they sell within 3 years of the transaction.