Autumn Statement 2015

[Eric Mc]

Additional Stamp Duty on properties bought by "buy to let" landlords.

The attack on rental properties continues.

[Welshbeef]

Eric Mc said:

Additional Stamp Duty on properties bought by "buy to let" landlords.

The attack on rental properties continues.

Only for new ones bought and only from April 2016 onwards so buy more now to save £15k+++

[Dave_ST220]

Eric Mc said:

Zoon said:

Dave_ST220 said:

Self Assessment & payrole (PAYG?) two things surely?

This is why I pay an accountant. All I know is twice a year I pay HMRC a stack of cash, what will change?

They are two things.
You should be paying PAYE monthly and outstanding SA tax yearly.
Why twice a year?

Nothing will change you'll still pay tax, just the mechanism which collects it may change.

Under Self Assessment, many people pay their tax in two tranches each year. On 31 January they pay the balance they owe for the previous tax year plus the first installment of their tax for the following tax year. On 31 July they pay the second installment of their next tax year's liability.

Yeah that's what I do now, thanks Eric,

[Eric Mc]

Welshbeef said:

Eric Mc said:

Additional Stamp Duty on properties bought by "buy to let" landlords.

The attack on rental properties continues.

Only for new ones bought and only from April 2016 onwards so buy more now to save £15k+++

6 April 2016 is only about 17 weeks away. You would need to get your skates on right now if you wanted to beat this deadline.

[hashtag]

I must say I think John McDonnell is putting him self over very professionally, with a convincing reply, so far.

Thumbs to to team Corbin..

[ukbabz]

hashtag said:

I must say I think John McDonnell is putting him self over very professionally, with a convincing reply, so far.

Thumbs to to team Corbin..

As a man is coming across well. What he's saying though seems very thin and lacking substance.

[JagLover]

Anyone know any more details about the stamp duty increases for Buy to Let investors-I see mention of a 3% increase which is either trivial or a massive increase.

[Dave_ST220]

hashtag said:

I must say I think John McDonnell is putting him self over very professionally, with a convincing reply, so far.

Thumbs to to team Corbin..

Yah very professional. We can't blame the massive debt on past governments. Sorry Labour but the mess you left was never going to be fixed in 5 years.

[Justayellowbadge]

JagLover said:

Anyone know any more details about the stamp duty increases for Buy to Let investors-I see mention of a 3% increase which is either trivial or a massive increase.

An extra 3% of purchase price, rather than a 3% increase I believe. It might hurt.

[Rovinghawk]

So 3% rent increases to cover the cost- tenants will love that.

[JagLover]

Justayellowbadge said:

An extra 3% of purchase price, rather than a 3% increase I believe. It might hurt.

Thanks

So just poorly detailed on the BBC

It is an undesirable situation both economically and politically for a generation to be priced out of buying their own home. The government has decided the least painful way of curtailing house price growth is reducing demand from buy to let investors.

[Welshbeef]

Eric Mc said:

6 April 2016 is only about 17 weeks away. You would need to get your skates on right now if you wanted to beat this deadline.

Or buy a house as your principle residence and let out your old house then repeat thus only ever paying residential stamp duty

[Justayellowbadge]

Welshbeef said:

Or buy a house as your principle residence and let out your old house then repeat thus only ever paying residential stamp duty

Nope, it's on 'additional' properties, including holiday homes. If you own one already, it applies.

[Welshbeef]

Rovinghawk said:

So 3% rent increases to cover the cost- tenants will love that.

3% rent rise isn't a lot
3% extra stamp duty on purchase price is.


That said all it does is reduce the capital gains tax you'll pay in the end your simply front loading it.

[johnxjsc1985]

I know he is speaking but i cant for the life of me understand a word of what he is saying.

[Welshbeef]

Justayellowbadge said:

Welshbeef said:

Or buy a house as your principle residence and let out your old house then repeat thus only ever paying residential stamp duty

Nope, it's on 'additional' properties, including holiday homes. If you own one already, it applies.

If you own one already it doesn't apply they don't retrospectively tax you stamp duty on houses you have bought in the past only future purchases post 1/4/16.

[Welshbeef]

johnxjsc1985 said:

I know he is speaking but i cant for the life of me understand a word of what he is saying.

Well Osbourne introduced him rightly the comedy act .

[Bluebarge]

Welshbeef said:

If you own one already it doesn't apply they don't retrospectively tax you stamp duty on houses you have bought in the past only future purchases post 1/4/16.

But it will affect the sale price/appetite for buying. A surprisingly Socialist policy for the Conservatives which will affect pension pots (again).

[GT03ROB]

Rovinghawk said:

So 3% rent increases to cover the cost- tenants will love that.

Is that in addition to rent increase for the other tax changes...

[Justayellowbadge]

Welshbeef said:

If you own one already it doesn't apply they don't retrospectively tax you stamp duty on houses you have bought in the past only future purchases post 1/4/16.

If you own a BTL and then buy a PPR, it will be additional to the BTL and will attract the 3%.

It isn't in any way limited to BTL properties. Anything above one attracts the extra SDLT.