Budget Tax Rise CHG

Landlords A Whisker Away From Budget Tax Rise

According to the Daily Telegraph landlords and potential second home owners have got away with a proposed Budget Tax rise.

The tabloid has uncovered a report from the Office for Budget Responsibility which suggested that the government should increase the additional homes stamp duty surcharge from 3 to 4 per cent in the latest budget.

However the Budget’s recommended stamp duty hike failed to materialise for the time being but as reported by the Telegraph, the OBR’s report as page 219 contains a clause that sheds further light and the future possibility of a Budget Tax rise.

But the report which ‘apparently’ was released uncorrected page 219’s clause says “A three per cent surcharge on additional property purchases was introduced in April 2016. It has been raised to four per cent in this Budget. HMRC has analysed the response to its introduction and found that it was strong.”

Upon further analysis by The Telegraph suggests the report’s accompanying chart highlights that with the introduction of a higher stamp duty hike could cause BTL investors to buy fewer properties, and the expected tax takings would not yield as much as the government’s expectations.

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