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Holbrook and Co - Specialists in helping people buy, sell and mortgage property

3% Second Home stamp duty here to stay?

The Government looks increasingly unlikely to heed calls to ditch the 3% Stamp Duty surcharge on additional home purchases after seeing the Treasury coffers swell by 20% extra receipts. For the same number of property transactions as two years ago, the Government has pulled in an extra £2bn in Stamp Duty Land Tax thanks to the surcharge.
Some of this increase could relate to general property price increases, but it is likely that the majority relates to the changes from April 1, 2016, which added an additional 3% SDLT for purchases of additional residential properties. The policy intention was always stated to be to realign the residential property market to make it fairer for first-time buyers. It is becoming clearer, however, that as prices continue to rise, the measure has succeeded only in generating extra tax for HMRC as well as helping to create a sluggish property market.
The Government needs to consider whether the additional 3% SDLT policy is helping achieve fairness in the property market, or if it is creating more problems than it is solving.

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Warrington, Cheshire
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