Concern that Chancellor’s plans could harm buy-to-let - Royds Withy King Solicitors

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18 December 2015 0 Comments
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Concern that Chancellor’s plans could harm buy-to-let

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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.”

At Royds, our residential property team has a wealth of experience handling transactions around London and further afield. For more information on the services we provide, please contact Deborah North or Relf Clark or visit.

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