In part seven of our exclusive series on buy-to-let taxation, Adam Kay, partner at Saffrey Champness, reviews the impact of the 3% SDLT levy on additional property purchases
On 23 November 2015 then Chancellor George Osborne delivered (although we did not know this at the time) what would be his last Autumn Statement and, in his speech, he ushered in ‘new rates of stamp duty that will be 3% higher on the purchase of additional properties like buy-to-lets and second homes’. This new system was subsequently introduced in April 2016.
Osborne has had a bit more time on his hands of late but those advisers with property clients have been working very hard to deal with the consequences of one of his last major policy decisions. Now is perhaps a good time to take stock of the effects of that policy, and where it leaves homebuyers and advisers.
