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