Wednesday, March 16, 2016

Landlords dodge stamp duty

How landlords are using companies to dodge the stamp duty crackdown on property purchases

Where there's a will ... Buy-to-let mortgage lending is booming ahead of the Chancellor’s tax hike – with a soaring number of landlords reportedly using companies to flout the crackdown. Landlord loans rocketed by 22 per cent in January compared with the same month in 2015, as buyers rush to beat the forthcoming tax changes. At the same time property firms are reporting a huge rise in the numbers buying through companies in a bid to flout the new rules.

Posted by doomwatch @ 04:57 PM (6001 views)
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3 thoughts on “Landlords dodge stamp duty

  • “You’ll need to complete an ATED return if your property:
    is a dwelling
    is in the UK
    was valued at more than:
    £2 million on 1 April 2012, or at acquisition if later, for returns from 2013 to 2014 onwards
    £1 million on 1 April 2012, or at acquisition if later, for returns from 2015 to 2016 onwards
    £500,000 on 1 April 2012, or at acquisition if later, for returns from 2016 to 2017 onwards”

    Past performance is no guarantee of future returns, but previous policy is a pretty good guide to future policy.

    If these people act in any significant numbers, you can expect a £250k band fairly soon. The Chancellor has made it pretty clear how he feels about BTL.

    I always thought that people refusing to accept the damage done by btl were just willfully ignorant out of blinkered self-interest. The way people are still flocking into btl with all the policy changes going on, I’m beginning to realise they’re just not that bright.

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  • Good. Who would rather rent from an amateur who can sell up at any minute, than a company with a track record, professional staff and much lower risk of exiting the market and turfing everyone out.

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  • Nonsense, the reforms were DESIGNED to force landlords to incorporate, so that they could capture more tax. Many folk are taking rent in cash and not declaring. This is what the Chancellor is chasing.

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