If you’re buying a second home that you won’t be living in, you’ll be charged an additional rate of stamp duty. The amount you pay depends on the property value and where you live in the UK.
With a few exceptions, anyone buying an additional residential property has to pay stamp duty. On second homes bought in England and Northern Ireland, there’s a 3% surcharge on top of the basic stamp duty rate, while similar rules apply in Scotland and Wales. The surcharge applies to any of the following:
- A holiday home
- A buy-to-let property
- A home you own a share in, if your share is worth £40,000 or more
- A property you buy in the UK, if your main home is abroad
- A second home bought via a limited company
The most recent in our series of guides provided by UK price comparison website Comparethemarket explains the rules for second homes and look at cases where you may not have to pay stamp duty:
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