UK to increase stamp duty on buy-to-let, second homes

Madrid

BRITISH Chancellor of the Exchequer George Osborne will increase the stamp-duty rate for purchases of buy-to-let and second homes to reduce competition for first-time property buyers. Shares of small banks that provide loans to landlords declined.

Buyers of second homes and buy-to-let properties in the UK will, from April, be subject to stamp duty sales tax that's three percentage points higher than those who are buying a home to live in, Mr Osborne said during his Autumn statement on Wednesday evening.