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RLA warns landlords of SDLT avoidance con
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Landlords are being warned not to be conned into a scam scheme ahead of the changes to Stamp Duty tax in April.
The Residential Landlords Association is urging private investors to avoid schemes that allegedly claim to help them avoid the 3% Stamp Duty surcharge.
Careful
RLA Policy Director David Smith, who has met with the Treasury to talk about the new measure. He said that the Government has worked tirelessly to fill in any loopholes.
Smith said that, ‘landlords should be very careful about making plans for their property purchases until after the budget. Any property purchases must be completed before April 1 if the buyers want to avoid paying the new levels of Stamp Duty Land Tax. The Treasury has made it abundantly clear that anyone offering schemes to get around the changes is talking nonsense.’[1]
RLA warns landlords of SDLT avoidance con
Restrictions
Mr Smith continued by noting that the Treasury has made it clear that the new legislations will be greatly restrictive. Additionally, he said that no further guidance would be available until after the Budget in the middle of March. The Budget will announce alterations to the implementation following the official consultation process on the additional homes issue.
In addition, it has been revealed that investors purchasing 15 or more properties would be exempt from the surcharge. However, this would only apply to buyers purchasing all 15 properties on one contract and in a single transaction.
[1] https://www.lettingagenttoday.co.uk/breaking-news/2016/2/warning-against-falling-for-stamp-duty-surcharge-avoidance-scam
