Gomez and Morticia have decided to help Fester on his way and buy him a home to live in. They have agreed to purchase a property jointly and find a spooktacular property for £500,000. Unfortunately, because Gomez and Morticia already own their own home the entire purchase price will be liable to the higher stamp duty land tax rates. This increases the liability from £15,000 to £26,250 – a ‘shocking’ increase for helping your family onto the property ladder!!
Unfortunately, the consequence of the government’s recent changes to Stamp Duty Land Tax on the purchase of second homes/buy to let properties can produce very unfair results and we are coming across more and more situations where the higher rates will apply.
Don’t leave yourself open for a big fright…..if you are looking to buy a residential property and have concerns about whether or not the new rules will apply we can help.