From April the government is set to introduce new rules to increase the stamp duty liability for second home owners.
The new rules are set to apply to purchases for buy-to-let, holiday homes, or second properties. Only houseboats, caravans, homes under £40,000.00, and other limited transactions are exempt.
The details of the policy are set to be published in the 2016 Budget on 16 March 2016.
The consultation paper published in December has suggested that from April, landlords (second homes owners) will have to pay:
3% duty for the first £125,000.00
5% on the amount between £125,001-£250,000.00
8% between £250,001.00 – £925,000.00.
Watch this space for full details which will be published in the budget this spring.