Buy-to-let landlords are set to be hit with new costs from April when a controversial extra 3% stamp duty charge is introduced.

Anyone owning a second property that isn't their main residence and buying another, or replacing the one they don't live in, is likely to get caught up in the changes.

This means if you already own a portfolio of buy-to-let properties, or have a second home, but plan to buy yourself a new home to live in and sell your old one then you will not have to pay the extra stamp duty.

The higher rates will only apply to additional properties purchased in England, Wales and Northern Ireland on or after April 1 2016.

New Stamp Duty Rates for home ownership

Because stamp duty is tiered, you will pay a different stamp duty rate on different portions of the property value.

When you buy a property you're planning to live in (ie not a buy-to-let property or second/holiday home), you won't pay any stamp duty on the first £125,000. You’ll then pay 2% on the portion up to £250,000, and 5% on the portion up to £925,000. Between that point and £1.5 million, it’s 10% - then 12% on anything over £1.5 million.

Take a look at this example to see how it works:

    Property price: £275,000     Portion 1: £0 - £125,000 - 0% tax, so total paid for this chunk of the purchase price = £125,000     Portion 2: £125,000.01 - £250,000 - 2% tax (£2,500) + £125,000 = £127,500     Portion 3: £250,000.01 - £275,000 - 5% tax (£1,250) + £25,000 = £26,250     Total paid: £278,750 (£3,750 of which is stamp duty)

There will be both positive and negative outcomes from these changes to the Stamp Duty Land Tax. The only thing that will depend on how you will be affected will be the choices you make now.

Advice to sellers is if you are considering selling that investment, that now is the time to do it with the potential surge in the market.

Advice to buyers is if you do not have a portfolio of over 15 properties then buy now before the hike in Tax and if you do have that portfolio of over 15 then now would also be a good time to add to that portfolio before prices increase from the rush to exchange before the April deadline.

For more information on the Stamp Duty changes and how they might affect you, check out this comprehensive article by This is Money.