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Property investors urge government to scrap stamp duty surcharge

Property investors are calling for the government to provide more support to the UK property market.

A survey of investors, carried out by MT Finance, found that 97% of respondents don't believe the government is doing enough to support the UK market.

When asked what changes they'd like to see introduced, 50% said scrapping the 3% stamp duty surcharge on additional properties, while a third said they'd like to see a reversal of changes to buy-to-let mortgage interest tax relief.

Meanwhile, 17% of respondents, in which was a relatively small sample size of 135, argued for the introduction of a tiered tax system for buy-to-let property.

The investors were then asked about their political preferences. Some 50% said they would back the Conservatives in a General Election, while 18% plumped for the Liberal Democrats and 16% said they'd vote for the Brexit Party.

Just 3% of those surveyed said they'd back the Labour Party in an upcoming General Election.

"It is interesting that [removing] the stamp duty surcharge is more important to property investors than mortgage interest tax relief - it suggests this group of investors are the ones who are most likely to expand their portfolios," says Gareth Lewis, commercial director at MT Finance.

"Investors have been dealt some serious setbacks, impacted by changes to stamp duty and tax relief but despite [these] changes, many remain resilient and still see property investment as a key tool for retirement planning, and a good home for their monies while interest rates are low."

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