As everyone will now be aware, Labour’s 2024 Autumn Budget brought in several new tax considerations across the UK. For those who are purchasing an additional property, or those purchasing a property via a Company even if it is the first property that Company purchases, the Stamp Duty Land Tax second home penalty has increased from a 3% surcharge to a 5% surcharge on property purchases over £40,000.00.
This tax increase applies to transactions with a completion date on or after 31 October 2024. However, where a copy accepted contract was already in place prior to 31st October 2024, and completion has not yet occurred, the increased rate is not applicable and will remain at 3%.
Should you have any queries regarding the increased Stamp Duty Land Tax, our Conveyancing Team is available to discuss the legal implications if you are considering purchasing an additional property.