Today’s announcement regarding a higher rate of stamp duty for additional properties will be hard to palate by many, especially following the mortgage tax relief changes earlier this year. However, the devil is in the detail and as it stands we don’t have much in the way of detail.
About the only thing that is clear is that the extended Help to Buy and the new London Help to Buy schemes, along with help for people unable to buy in their local communities, had to be funded somehow. It looks like landlords are to take the brunt of Mr Osbourne’s plans for increased homeownership.
Until the details are published following the consultation we don’t know exactly which properties the new duty will apply to, but the intention is clear. I am however pleased to see that the Chancellor is at pains to ensure that corporate property development is not affected by any stamp duty changes given that new building and development is also part of the grand plan.”
