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:
| Band | Existing rate | Proposed Rate |
| £0 – £125K | 0% | 3% |
| £125K – £250K | 2% | 5% |
| £250K – £925K | 5% | 8% |
| £925K – £1.5M | 10% | 13% |
| £1.5M + | 12% | 15% |
There are some exceptions that do not fall into the new rates:
The higher rates will apply to purchases of buy to let and second home with a completion date on or after 1st April 2016.
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