Home  London Property News  Stamp duty to remain in blow for landlords

Stamp duty to remain in blow for landlords

Reading Time: 2 Mins Read

Landlords will have to wait a little longer for buy-to-let tax changes after the Spring Budget failed to bring stamp duty reform.

Stamp duty to remain in blow for landlords

Chancellor Philip Hammond delivered the first – and now last – Spring Budget on 8th March, and yet there was no mention of the issues surrounding the property and housing market.

The property industry has called for the extra 3% stamp duty surcharge to be scrapped to boost movement in the market, and for the stamp duty tax system to be reviewed as a whole, but neither occurred. Nor was there a mention of mortgage interest tax relief (changes to this will be introduced next month and phased in) or the ban on letting agents’ fees for tenants.

Prior to the Spring Budget, the Residential Landlords Association (RLA) published a ‘wish-list’, stating what it would like to see announced in the Budget. This included scrapping the additional stamp duty on second properties.

RLA’s Chairman, Alan Ward, said: “This is not just a wish-list that will benefit landlords and tenants, but one that will benefit the economy as a whole.”

After the Budget had been delivered by the Chancellor, the RLA naturally expressed disappointment that property industry issues were not addressed.

In some good news for landlords, however, the Chancellor announced a delay to the implementation of Making Tax Digital, which the RLA believes will help landlords who are already struggling to get to grips with the wave of changes affecting the sector.

To read more about the Spring Budget, click the link below:

City A.M.

 

 

Neil Jennings

Neil is the Operations Director at Assetgrove Lettings, London's Leading Rent Guarantee Company, providing Landlords with no voids, property maintenance, fee-free property management and stress-free service.

Related Post

What To Look For When Buying A Buy To Let Property
Updates: 7 Mins Read
What To Look For When Buying A Buy To Let Property

Looking to buy an apartment for let in London? Here’s some factors you may want to consider.

The Letting Agent Fees Ban in the UK
Updates: 5 Mins Read
The Letting Agent Fees Ban in the UK

Landlords and letting agents are not allowed to charge any non-permitted fees to tenants, here we explain the Letting Fee Ban Act.

How to work out your property’s rental yield
Updates: 4 Mins Read
How to work out your property’s rental yield

How landlords in London who let their investment properties to families can generate an annual yield of over 4.5%