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Stamp duty surcharge will hit renters, says FHL


The cost of the Government’s incoming 3 per cent surcharge on stamp duty will be passed on to renters, according to Foundation Home Loans.

FHL commercial director Simon Bayley says the charge, designed to slow down buy-to-let activity will have unintended consequences after it comes in on 1 April 2016.

Bayley says: “The extra levy being introduced on stamp duty will in fact just become an unwelcome extra burden for tenants in many cases.

“At a time when more people are finding it difficult to become property owners, there is a sizeable number of people who rely on private rental to have flexibility on location for work opportunities, those with past credit problems or simply because they do not fit the boxes required for social housing. It is they who will be paying as the cost will ultimately filter down to tenants.

“The Chancellor’s move might have seemed like a way of curbing the market as well as adding to the tax take, but bringing in a levy, will really be felt by those who can least afford it. The BTL market remains a valuable contributor of private rental housing and using the levers of taxation in this way is ultimately counter-productive.”



Bridging Watch: B2L stamp duty rise is no more than a molehill

The stamp duty increase is unlikely to be significant enough to deter potential market entrants or most existing landlords With the stamp duty hikes for buy-to-let properties just around the corner, there is a palpable sense of anticipation among professionals as to how the market will react. I have seen various headlines recently forecasting a […]


Editor’s note: Stamp duty plan full of holes

It has been two months since the Chancellor announced the incoming 3 percentage point surcharge on buy-to-let or second properties and yet it continues to dominate debate in the market, which reveals the level of concern that surrounds the proposals. The Government’s intention is clearly to free up housing stock for the owner-occupied sector but, […]


Lenders urge Govt to rethink B2L stamp duty hike

Lenders have united to slam HM Treasury’s planned 3 per cent surcharge on stamp duty land tax for second properties as rushed and flawed. The Government wants £60m of the tax to help communities in England where the impact of second homes is a problem and will use some of the cash to build affordable […]

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