“Thank you very much to Louisa and Connie for taking care of our conveyancing for our recent house move.
They made a stressful process very easy for us and explained everything very clearly. Communication and speed of dealing with the next step was fantastic.
We will be recommending to anyone we can.”
- Rob & Jade
Clearly the recent changes announced will affect many residential landlords, in particular those with high levels of gearing or with mortgages at high interest rates. Landlords should now be calculating the projected effect of the above changes on their future tax position in terms of net yield and ongoing financial viability. Anyone who is concerned as to how these changes may affect their financial position should take early tax advice as to their options to potentially mitigate the anticipated increases in tax bills, e.g. incorporation.
On the 1st April 2016 the Government introduced a higher rate of Stamp Duty Land Tax for second (or third or fourth etc) properties in England, Wales and Northern Ireland. Clients wishing to purchase property in addition to their main residence will be liable to pay a 3% higher rate of Stamp Duty. This will affect purchasers of all additional properties, such as buy-to-let properties and second homes. The higher rates will also apply to purchases of residential property by companies.