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 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.

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