LETTING & ESTATE AGENT

Budget: Further tax details expected as stamp duty takes centre stage

Budget: Further tax details expected as stamp duty takes centre stage

Later today chancellor George Osborne will make his latest budget speech.

It has been speculated that the announcement could include new measures on Capital Gains Tax and tweaks to the restriction of mortgage interest tax relief available to landlords. 

Once again, though, it is stamp duty which is set to take centre stage. 

Osborne is expected to confirm the details of the 3% stamp duty surcharge on second homes and buy-to-let properties as well as any outcomes from its consultation, which was launched on December 28.

Earlier this week we reported that two thirds of landlords predict more rental setbacks in the budget and now buy-to-let lender Paragon has urged the chancellor not to make any further tax changes.

The lender is instead calling for the government to deliver a root and branch review of the UK’s housing requirements.

It says that while the government is encouraging increased home ownership, these measures are set against a backdrop of tax increases and policy changes for landlords as well as less support for social housing.

“The private rented sector is an important provider of homes for people in the UK," says Nigel Terrington, Paragon Group chief executive.

"For many years, successive Governments have actively reduced the provision of social housing. This, together with other regulatory changes which have restricted mortgage credit to home buyers, mean more people are turning to the rented sector."

Any announcement from the Chancellor with an impact on agents will be reported on Estate Agent Today and Letting Agent Today.


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