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Surge In UK Buy-to-Let Purchases Ahead Of SDLT Hike

by Robert Lee, Tax-News.com, London

12 February 2016


The Royal Institute of Chartered Surveyors (RICS) has reported a surge in demand for buy-to-let properties ahead of the introduction in April of new stamp duty charges for England, Wales, and Northern Ireland.

The RICS said that its latest UK Residential Market Survey shows there was a rise in new instructions in January. It said that while it remains to be seen how the tax changes planned for the buy-to-let sector will play out over the medium-term, there are concerns that existing landlords will look either to gradually scale back their portfolios or exit the market altogether.

According to the RICS, feedback to the survey continues to suggest that the recent increase in demand is due to a rush of buy-to-let investors looking to buy before the three percent stamp duty surcharge comes into effect in April. 74 percent of respondents said they expected there to be an increase in purchases ahead of the change.

Higher rates of stamp duty will apply to purchases in England, Wales, and Northern Ireland of buy-to-lets and second homes that cost more than GBP40,000 (USD58,018). The rates will be three percentage points above the current rates, and will be charged on the portion of the value of the property that falls into each stamp duty band.

TAGS: tax | property tax | United Kingdom | tax thresholds | ministry of finance | tax rates | stamp duty | tax reform | trade association | trade

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