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Concern that Chancellor’s plans could harm buy-to-let
Around 1.4 million private landlords across the UK are set to be saddled with additional taxes following an announcement in last month’s Autumn Statement. The new rules – expected to be introduced in April – will bring in an additional …
Around 1.4 million private landlords across the UK are set to be saddled with additional taxes following an announcement in last month’s Autumn Statement.
The new rules – expected to be introduced in April – will bring in an additional three per cent to stamp duty tax. The levy will be applied to anything that is classed as an “additional property”, including buy-to-let and second homes.
Official figures from the Office for National Statistics (ONS), which were published earlier this year, indicated that more than half of people with a pension pot would rather invest their money in a second property.
But there are concerns that the proposals outlined by George Osborne will harm the buoyant buy-to-let sector.
“It’s tightening the noose around property as an investment class,” said Charles McDowell, a London buying agent, in an interview with the Financial Times.
“Every time we say ‘this has got to be it’, and then [the Chancellor] has another attack.”
Paul Johnson, director of the Institute for Fiscal Studies, was also concerned by the news.
“This is yet another targeted intervention into a housing market that is in dire need of long-term decision-making. The raft of policy changes are incredibly disruptive to market activity and create uncertainty that results in dis-investment.”
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