Stamp duty originated in the 17th century when duty stamps could be purchased and attached to a transactional document to prove that any tax due on the transaction had been paid. Today, tax relating to the purchase of land is known as “Stamp Duty”, or, more correctly Stamp Duty Land Tax (SDLT).
If you’re buying a second home, Buy to Let, or investment property, you should be aware that there is an additional 3% Stamp Duty Land Tax (SDLT) on top of the standard SDLT amount payable. Since this regime was introduced in 2016, the market for second homes has certainly felt the pinch, especially for buy Continue Reading
Philip Hammond, Chancellor of the Exchequer has announced the removal of SDLT (Stamp Duty) on all sales to first time buyers under £300,000 in his autumn statement. This is clearly great news for first time buyers, especially those paying the full £300,000, who pocket a tidy £5,000 towards their new home. More realistically, the saving made Continue Reading
Last week…Wednesday’s budget was noticeable for the absence of any mention of the housing market. This oversight was met with derision from almost every organisation with an interest in the property sector. There has been a succession of housing ministers over recent years, each of which has introduced several, mostly ill-considered, policies which have effectively Continue Reading