As announced last year, Stamp Duty Land Tax will be charged on purchases of additional residential properties, such as buy-to-let properties and second homes, with effect from 1 April 2016 following consultation on the details. The higher rates will be 3 per cent above the current SDLT rates.
These changes are part of the Government's strategy to improve home ownership rates. I am concerned that so many homes are being bought as buy-to-lets or second homes. It cannot be right that in many rural areas local families are being priced out of buying a family home. Many of these are cash purchases that aren't affected by the restrictions introduced in the Budget on mortgage interest relief; and many of them are bought by those who aren't resident in this country.