Are you a buy to let investor?

What changes will the Autumn Statement bring? From 1st April 2016 a higher Stamp Duty Land Tax band will apply if you are buying an investment property in your own name and do not have an existing substantial property portfolio.

If the property is to be someone’s main residence the present SDLT rates will continue to apply.

If the property is not a main residence:

• and is being purchased by a commercial property investor with a portfolio of over 15 properties the present SDLT rates will continue to apply. (NB the higher rate payable by companies once the purchase price goes over £500,000);

• and is being purchased by a “small” investor a different scale of SDLT will apply as follows:

£125,001 – £250,000 – 5% (3% higher)
£250,001 – £925,000 – 8% (3% higher) etc

From 2017 there will be a 14 and not 28 day period following completion within which SDLT needs to be paid. This should not impact on us as we tend to make payment to HMRC on the day of completion.

To discuss investment properties please contact our conveyancing team on 0116 262 8596.