Impact of Autumn statement on Isle of Wight holiday cottages
Yesterday the Chancellor of the Exchequer delivered his Autumn Statement to Parliament. One of the main tax announcements relates to SDLT (Stamp Duty Land Tax). From 1st April 2016 higher rates (3% above current) of SDLT will be charged on purchases of additional residential properties (above £40,000), such as buy to let properties and second homes. The government will consult on the policy detail so any prospective Isle of Wight holiday cottage owners should complete their purchases quickly!