Property News · April 16, 2016

Stamp duty U-turn brings tax relief for ‘granny flat’ buyers


Changes to new rules for second homes follow outcry over plan to consider granny flats as second homesThe government has announced changes to the rules around the new stamp duty charge on second homes, after it emerged that people buying homes with granny flats would face higher tax bills. However, experts say there is still confusion over how much tax will be paid on properties with separate annexes or holiday homes.The new charge, which came into force on 1 April, means anyone buying a second property will pay a rate of stamp duty land tax (SDLT) that is three percentage points higher than the rate paid on a main home costing the same. The change adds £6,000 to the upfront cost of buying a £200,000 property if it is not ​being bought as a main residence. Continue reading…

Source : theguardian.com
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