Wales has increased the Land Transaction Tax (stamp duty equivalent) threshold in the country from £180,000 to £225,000, meaning anyone buying a property less than that amount won’t pay any tax.
The stamp duty saving is expected to be wiped out within a single month, according to property purchasing firm HBB Solutions.
Traders are pricing in the Bank of England increasing the base rate to 5.5% next year, which would vastly increase the cost of mortgages.
We compile a range of reactions to the government decision to permanently cut stamp duty in Friday’s mini-budget.
Raising the nil rate band is long overdue and will mean that some pay no SDLT at all, and other pay less than they would have last week.
As was publicised this week, new Prime Minister Liz Truss is looking to cut stamp duty in what’s being dubbed a mini-budget, according to a report in The Times.
The attraction of buy-to-let is warning for institutional and individual investors due to the hostile tax system, according to lettings agency chain Winkwork.
The cost of buy-to-let mortgages are climbing in line with rising Bank of England base rates, indicating that waiting longer to get a mortgage will see landlords pay higher interest rates.
There were more international buyers in London last year after three years of declines, analysis by debt advisory firm Henry Dannell shows.
The Office for Tax Simplification has invited landlords to write to the government to tell them how the taxation of property income can be simplified.
