Agents have only days left to add their views to stamp duty consultation

There is less than a week to go before formal consultation ends on the introduction of the so-called stamp duty surcharge on ‘additional homes’.

A three per cent stamp duty surcharge will be introduced on April 1, with final details to be announced in Chancellor George Osborne’s next Budget on Wednesday March 16. 

Controversially the government chose the Christmas Bank Holiday Monday to launch the formal consultation, which you can see here. 

The document makes it clear that the higher rates will only apply to purchases of additional residential property - buy to lets and second homes - which complete on or after April 1.

If contracts exchanged after November 25 - when the surcharge was first announced - then the higher rates will apply if the purchase is completed on or after April 1.

However, if contracts were exchanged on or before November 25 but not completed until on or after April 1, the higher rates will not apply.

The lengthy consultation document discusses issues such as joint ownership, married and civil partners, buying properties by parents for their children, what happens when a completion is delayed, and so on.

There is also consulation over how Multiple Dwelling Relief and/or SDLT may be applied in cases of multiple property purchases, as well as the treatment of large scale investors.