According to a recent report in the Daily Telegraph, the 3% Stamp Duty Land Tax surcharge which is now levied on second homes has generated an extra £2billion a year. The surcharge was introduced in April 2016 and, of course, affects a lot of purchases in a holiday area like Cornwall. The amount it has collected is much more than the Treasury expected. Its original estimate was for an extra £1billion annually up until 2020, but according to accounting firm Blick Rothenberg, Her Majesty’s Revenue and Customs collected £12.4billion in the year to July 2017 compared to £10.4billion in the year ending July 2015, apparently mostly due to extra Stamp Duty Land Tax charges.
If you are buying a property and you already own another property anywhere in the world, you need to take careful advice as to the Stamp Duty Land Tax implications. If you are concerned about this, please contact the head of our conveyancing team, Julie Rowan, on 01208 72328 or email firstname.lastname@example.org