Chancellor George Osborne announced new rates of stamp duty, which will apply to any additional residential property costing more than £40,000, in today's Autumn Statement.

The higher rates will be 3 percentage points above the current SDLT rates, and will take effect from 1 April 2016. The government will use some of the additional tax collected to provide £60 million for communities in England where the impact of second homes is particularly acute.

The tax receipts will help towards doubling the affordable housing budget. This will help first time buyers and is part of the government’s commitment to supporting home ownership.