The Growth Plan

The new Chancellor, Kwasi Kwarteng, gave his fiscal statement, known as The Growth Plan, but effectively a Budget on 23 September 2022. This is six months after the last fiscal event, the Spring Statement, by a previous chancellor, Rishi Sunak, in March 2022.

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Stamp duty alert

Since April 2016, purchasers of a second residential property (or any company residential property) will be aware that there is a premium of 3% on the stamp duty payable over the usual rates.

One thing to be aware of here, is that the legislation says that you pay this if you own another residential property. What has not be widely publicised, is the fact that if you are married, you are treated as one person for the purpose of these rules. Even if you don't own a residential property and your spouse does, when you buy a property, you will pay the 3% premium.

One further point to note, is that for this purpose, owning another residential property means property worldwide, not just the UK. Therefore, the overseas holiday home does count here, so when you buy a UK property, you will pay the extra 3%.
As ever, do contact us if you need specific advice on this area.


 

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