Proposed changes to stamp duty announced last week could further cool the buy-to-let market, according to experts. Stamp duty is due to increase from 12% to 15% for second-home purchases of £1.5m or more in April. However, a consultation document published last week revealed a new proposal to include properties owned outside England, Wales and Northern Ireland when deciding what constitutes a second home for stamp duty purposes. This means that if someone is purchasing their first or only property in England, Wales or Northern Ireland, they may pay the higher rates if they own property outside these areas. The government is also proposing that inherited property will not be exempt from consideration.
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