Nov
26
Osborne to Increase Stamp Duty on Buy-to-Let, Second Homes
By-
Government plans to introduce new sales-tax rate in April
-
Extra revenue will be used to build, regenerate properties
Chancellor of the Exchequer George Osborne will increase the stamp-duty rate for purchases of buy-to-let and second homes to reduce competition for first-time property buyers. Shares of small banks that provide loans to landlords declined.
Buyers of second homes and buy-to-let properties in the U.K. will from April be subject to stamp duty sales tax that’s 3 percentage points higher than those who are buying a home to live in, Osborne said during his Autumn statement on Wednesday. The additional revenue raised from the increase will be spent on the construction of new homes and improving existing ones across the country…
Osborne to Increase Stamp Duty on Buy-to-Let, Second Homes
