Significant changes to the rules around property will be coming into effect on April Fool’s day – 1 April 2016 with an increase in Stamp Duty charges. 
Unfortunately it’s no joke and buy-to-let investors and second-home buyers will be facing a significant increase in stamp duty on additional properties. Usually such changes to tax regulations take effect from the start of the new tax year which is on the 6 April but not this time as they start a full working week earlier.
The change introduces a 3% Stamp Duty surcharge on additional property which means landlords and second home buyers are facing a race against time to complete outstanding purchases by the end of next month. Some property sources are reporting that there has been ‘panic’ buying during January and February, as investors have scrambled to secure additional houses.
The concern is that scores of buyers who thought they were safe could now miss the deadline and owe thousands of pounds in extra tax, as a result of delays with lenders and conveyancers who are struggling to cope under the surge in extra work.
Our recent blog post on the changes to tax rules relating to property which will particularly affect people with property portfolios and the benefits of considering business incorporation can be read here.
Our team have particular expertise relating to property issues, including investors who have carried out refurbishments or alterations to their properties to apply for Capital Allowance tax relief to help reduce their tax liabilities using statutory provisions and case law. You can find out more about our Capital Allowances offer here or why not give us a call today to discuss whether we can assist with any tax issues related to your properties.
