Most lettings investors want stamp duty surcharge scrapped
Perhaps unsurprisingly, a survey reveals that most buy to let and other lettings investors want the three per cent stamp duty surcharge on additional homes to be scrapped.
The survey, for lender mtf, says 75 per cent of lettings investors believe scrapping the additional duty hike on buy to let and second homes would improve conditions in UK real estate.
Meanwhile, 25 per cent are calling for a reversal on the changes to tax relief on buy to let mortgages. Those changes were introduced in April 2017 and have cut buy to let tax relief to 20 per cent from 45 per cent for top rate taxpayers.
Some 60 per cent of those surveyed revealed they had been negatively affected by the government’s reduction in mortgage interest tax relief.
However, landlords borrowing through limited companies can avoid the changes, instead paying corporation tax. Some 75 per cent of property investors surveyed revealed they now own properties in a limited company.
In June’s General Election, 60 per cent of lettings investors voted for the Conservative Party with just over a third citing housing as the policy that impacted their vote the most, followed by the economy and taxes.
In total, 100 per cent of those questioned said they felt the government was not doing enough to support them.