Chancellor George Osborne Confirms Extra 3% Stamp Duty

Buy to let homes stamp duty increases

The Chancellor has confirmed that the extra 3% on additional property purchase will begin in April

Not only will the increase in stamp duty go ahead but the chancellor has back tracked on his earlier proposal about exempting significant property investors (those who purchase 15 or more) from the fee so from April, anyone purchasing an additional property will have to pay an extra 3 per cent stamp duty.

This means whether you are a company or individual, you will be hit by the extra charges.

Landlords are already seething from the end of mortgage interest rate relief in 2017 and were prepped at the end of last year for an extra 3 per cent stamp duty charge applying to additional property purchases as of April 2016.

Housebuyers4u Opinion

This is obviously another big blow for Buy to Let investors. BTL investors have already been affected by the removal of their ability to claim tax relief on interest payments not too long ago which doesn’t help. Furthermore, there has been much talk among brokers who are warning that in the future, in order for buy to let investors to secure a mortgage they will need to put down huge deposits at around 50%. Are they being treat to harshly? Let us know your opinion on our social media.

For the full article visit This is Money



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