News & Insights: Property

Budget 2024 – Stamp Duty Land Tax Increases for Additional Property Purchases

21 November 2024

As everyone will now be aware Labour’s 2024 Autumn Budget brought in a number of 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 2024However, 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

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