Two professional property investors are giving away a Manchester flat valued at £110,000 in a protest against Chancellor George Osborne’s attacks on buy to let through reducing landlords’ tax relief and imposing a stamp duty surcharge.
Marco Robinson and Simon Paul - who describe themselves as multi-millionaires - are both critics of the three per cent surcharge on buy-to-let properties and claim it will make it too costly to invest and will also lead to a spate of property sales.
The winner of the competition will be handed the ownership of the two–bed, fully furnished property in central Manchester, as well as being guaranteed a rental income of £6,500 per annum for five years. After that time the winner is free to handle the property as they see fit. It does not have a mortgage on it.
“George Osborne’s new stamp duty law is a blatant attempt to cash-in on a booming market. But it is badly-thought out and utterly pointless. It is doing all it can to crush entrepreneurial activity in what is a fantastically rewarding sector” says Robinson.
“However, I don’t agree that it the ultimate death knell of buy-to-let activity. That’s why I am giving away a rental-market house. Ideally, I’d like to put a buy to let investor on the first rung of what is a fantastic and hugely rewarding ladder which can lead to financial freedom” he says.
Entrants to the competition are asked to play a game found on Robinson’s Twitter page - @marcorobinson7 - linked to a purchase of a book he has written. The draw will be made at the end of the year.