You are here: Home - Mortgages - Buy To Let - News -

Buy-to-let landlords may face another stamp duty hike

0
Written by:
06/08/2018
The government is planning more stamp duty on homes purchased for rent in order to ease the housing crisis, according to reports. 

Buy-to-let landlords may face a hike on the additional 3% stamp duty rate they have to pay when buying a property, according to The Sun newspaper.

In his column, political writer James Forsyth revealed that one option being considered to raise money ahead of the Budget this autumn is a further increase in the stamp duty rate for buy-to-let properties.

“This would raise money for the Exchequer and help to keep house prices down. But if the Government is serious about helping more people on to the property ladder, as opposed to just raising yet more money from stamp duty, then what’s needed is changes to the planning laws to get far more homes built where people want to live,” he wrote.

In April 2016, a 3% stamp duty surcharge was introduced by then Chancellor George Osborne on additional homes – that is, both buy to lets and holiday homes. According to last week’s analysis of HMRC stamp duty statistics, receipts for the second quarter to June 2018 were 13.8% down to £317m, compared with the same period a year ago.

In last year’s Autumn Budget, stamp duty land tax (SDLT) on homes under £300,000 was abolished for first-time buyers from 22 November 2017.

This means that first-time buyers of homes worth between £300,000 and £500,000 do not pay stamp duty on the first £300,000. They pay the normal rates of stamp duty on the price above that, with no relief for those buying properties over £500,000.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Barclays given ticking off by regulator over PPI breach

The competition regulator has taken action against Barclays for failing to send obligatory annual reminders to PPI customers for the...

Close