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Buy to let will be subject to higher Stamp Duty tax

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Second homes and buy-to-let properties will be subject to a higher rate of Stamp Duty Land Tax of 3% from next year.

Chancellor George Osborne announced in his Autumn Statement that the Stamp Duty increase will be introduced from April next year following a consultation.

Corporate property development will be unaffected by the changes. The Treasury hopes to raise just shy of £1bn in savings from the increase in Stamp Duty.

The Treasury hopes to raise close to £1bn in savings from the increase in Stamp Duty. Osborne said the savings would be reinvested in local communities in London and areas like Cornwall where residents are being priced out of home ownership.

Additional housing announcements include the creation of a new London Help to Buy scheme and Help to Buy: Shared Ownership initiative.

The Chancellor confirmed the government would double its housing budget to over £2bn per year to help deliver 400,000 affordable new homes by the end of the decade

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