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Bay Estate & Letting Agents has seen a surge in Buy To Let sale transactions in the early weeks of 2016 as investors clamour to beat the April stamp duty rise for second home purchases. If you're not up to speed, here's a summary below:
From April 2016, property buyers in England and Wales will have to pay an additional 3% on each stamp duty band.
Buy-to-let and second home Stamp Duty tax bands
Can I reduce Stamp Duty?
As stamp duty is only payable on the land purchase, removable fixtures and fittings, or chattels, such as freestanding wardrobes, sofas, fridges, carpets and curtains, are not subject to Stamp Duty Land Tax (SDLT) and can, therefore, be subtracted from the total property price.
Everything 'attached' to property such as light switches technically form part of the property and are subject to SDLT.
If a seller is willing to leave certain chattels, you should agree to pay a reasonable amount between yourself and the vendor and subtract it from the agreed purchase price. This can be executed by a good tax lawyer or conveyancer.
There's a better way to sell or let your home. At Bay, we really know the property market. We're local and we'll gladly share our knowhow and experience with honest advice that will be just right for you. So whether you're buying, selling or letting, get in touch. We're here to help.