30 Nov 30 November 2015. Changes to the SDLT and Help to Buy schemes
30 November 2015. Changes to the SDLT and Help to Buy schemes
Chancellor George Osborne announced that starting from April 2016 Buy-to-Let landlords and second-home purchasers will have to pay a 3% surcharge on the SDLT charged for the property.
The Chancellor explained that by 2021 the new surcharge would collect extra £1bn for the Treasury. Up to £60m of the funds collected due to stamp duty surcharge will be put towards helping buyers of the property in England in areas where holiday homes pushed local property prices up.
The Chancellor also extended Help to Buy scheme in London to 2021. It will give first-time buyers who can raise a 5% deposit a loan up to 40% of the property value. The loan will be interest free for 5 years.
The Government will put extra £6,9bn in total into housing.