On 01 April 2016, The Treasury will introduce new stamp duty rates for anyone purchasing a second home.

Those affected by the increase in stamp duty include anyone buying a holiday home, purchasing a buy to let investment, parents purchasing for their children and couples who are purchasing a home together where one of them may already own a home.  Also affected is anyone who is purchasing a property in England, Wales or Northern Ireland for the first time but already own a home elsewhere .

The new rates are 3% above the current residential rates:

There are some exceptions that do not fall into the new rates:

• Caravans, mobile homes and houseboats
• Property worth less than £40,000
• Social Landlords
• Multiple purchases – any company who already owns 15 properties

The higher rates will apply to purchases of buy to let and second home with a completion date on or after 1st April 2016.