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Buy-to-Let Attack Will Not Happen

Tuesday, 16th February, 2016

The Government's sudden attack on landlords is unlikely to end any time soon despite widespread criticisms.

The Government has come under attack for its plan to introduce a 3% stamp duty surcharge on buy-to-let and second home purchases and slash tax relief that landlords can claim on buy-to-let income.

The CML is the latest in a long time of commentators calling a for a Government U-turn on the buy-to-let onslaught. The trade body is urging the Government to reform its implementation plans for a stamp duty surcharge, to mitigate potentially negative impacts on the housing market as a whole.

Director General of the CML said, "Our longstanding view is that stamp duty is a blunt policy lever. Given the complexity of the proposals, we also suspect that in practical terms the surcharge would cause more problems than it solves. We urge the government at least to move away from a position where people will have to pay and then potentially claim back to one where payment is deferred, and only triggered if the buyer genuinely falls into the intended target category."

But David Cox, Managing Director or ARLA, does not expect a change in Government policy any time soon.

He said, "Having had discussions with the Treasury, I can honestly say that I would be very surprised if the Government was to perform a U-turn. It has already allocated the money it will raise from investors to the tune of around 880 million year from 2020.

"There may be a few minor amendments, but ultimately landlords are being made to pay more to cover the increase in the housing budget."

The majority of landlords in the UK believe the Government's tax changes will discourage investment in the buy-to-let sector and lead to higher rents, according to new research.


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