The Increase in Stamp Duty 1st April 2016

The changes in Stamp Duty announced by the Government will increase the stamp duty tax on Buy to Let and 2nd Homes quite considerably. We are therefore expecting a significant increase in the number of our customers keen to move before the 1st April deadline. This is because a number of chains that customers are tied to could well involve at least one property that is being purchased as a buy to let.
 
In his autumn statement the Chancellor announced increases in stamp duty levels for 2nd home and buy to let purchases. From 1st April 2016 all buy to let purchases will cost an additional 3% on the stamp duty. The threshold is for properties over £40,000 which means virtually all buy to let properties.
 
In his statement, the Chancellor George Osbourne quoted: “People buying a home to let should not be squeezing out families who can’t afford a home to buy. So I am introducing new rates of stamp duty”.
 
The History of UK Stamp Duty dates back to 1694 and was a levy to help pay for the war with France.
 
Although this was supposed to be a temporary solution to raise money it was so successful for the Government that it carried on after the war had ended and eventually became a permanent source of Taxation.
 
Stamp Duty is a considerable extra expense that needs to be considered when purchasing a property and that, along with expensive Solicitors Fees, Estate Agents Fees, Mortgage Application Fees and Surveyors Fees puts in to perspective the good value for money that Removal Companies offer. The hard work that goes into the average house removal is often the cheapest part of the whole process. Bearing in mind the importance and value of the contents of your home it is worth considering this when choosing a Removal Company.