At the Autumn Statement on 25 November 2015, the Chancellor of the Exchequer announced that higher rates of stamp duty land tax (SDLT) would apply to purchases of “additional residential properties” from 1 April 2016. This measure is targeted at people buying second homes and buy to let properties and has the potential to significantly increase the amount of overall SDLT payable. The details of the new rules are subject to consultation, with draft legislation yet to be announced. However, this development will be of immediate interest to those investing in or letting residential properties. Read more...

SOURCE: Farrer & Co