New stamp duty rules for buyers in England start tomorrow

New stamp duty rules in England start from TOMORROW, Chancellor Rachel Reeves has confirmed. Labour Party MP Rachel Reeves has announced the stamp duty on second homes will increase by 2% to 5% from tomorrow.

Martin Lewis warned: "Stamp duty extra cost for 2nd homes to rise from 3% to 5% (so that's on top of normal stamp duty) - start TOMORROW #Budget." The ITV and BBC star was providing his expert commentary via Twitter/X.

The Chancellor told the house: “In our manifesto we committed to reforming stamp duty land tax to raise revenue while supporting those buying their first home. We are increasing the stamp-duty land tax surcharge for second-homes known as the ‘Higher Rate for Additional Dwellings’ by 2 percentage points, to 5%, which will come into effect from tomorrow.

READ MORE New £175 charge for drivers starting today is 'disaster'

“This will support over 130,000 additional transactions from people buying their first home, or moving home over, the next five years.”

It comes as Angharad Truman, ARLA Propertymark President commented on the increase to Capital Gains Tax and said: “We continue to see a growing disparity in the number of private rented homes available against a backdrop of increasing demand from tenants. Therefore, it is disappointing to see that the UK Government did not address this fundamental issue in its Autumn Budget and instead has announced yet another blow for landlords by increasing Capital Gains Tax.

“The private rented sector plays a crucial role in housing the nation with over 4.6 million homes in England alone, therefore it is imperative that the UK Government does not continue to push landlords out of the market.

“In order to ultimately keep people in much needed and affordable private rented homes, we continue to stress the importance of support for the private rented sector including incentives for landlords to invest rather than continuing to penalise them through regulatory bombardment and increasing costs.”