In the recent budget, the government confirmed the change to the Stamp Duty Land Tax (stamp duty) which will affect some purchase transactions if they complete after the 1st April 2016.
The changes affect purchasers who are buying a second property in circumstances where you (or if you are buying in joint names, either of you) already own a property. Unless the property you already own is being sold simultaneously with the completion of the purchase of your new property then the new property purchase will be subject to the new rules which apply to all purchases above a purchase price of £40,000
In these circumstances, additional stamp duty is payable. The additional stamp duty is an additional 3% stamp duty on top of the normal amount that would otherwise have been payable.
These new rules have been described, in the media, as applying to “buy to let properties” However, the rules would also apply to purchasers of additional properties as holiday homes or to properties purchased for your children to live in.