Increase In Property Tax
The 3% increase in Land Building Transaction tax (Stamp Duty) beginning on 1 April 2016 appears to effect mixed properties that include dwellings as well as dwelling houses. This can affect some commercial property transactions as well as domestic properties. It also affects people who are bridging.
The legislation which still needs to be formally enacted covers second homes and even includes buyers who do not own a current home (but if they live with a spouse that owns the property they live in then even the buyer does not own any other property they are still caught by this extra tax potentially.
Further buyers who are bridging their finance for example buying but still selling their house at a later date have to pay the 3% charge but they may claim this back if they sell their house within the next 18 months.
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