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TODAY'S OTHER NEWS

Budget: further stamp duty surcharge details expected today

Later today chancellor George Osborne will make his latest budget speech.

The announcement is expected to confirm the details of the 3% stamp duty surcharge on buy-to-let and second homes as well as any outcomes of its consultation, which was launched on December 28.

There could also be further announcements concerning landlords' mortgage interest tax relief, Capital Gains Tax and housebuilding.

A number of property professionals have made last gasp pleas and predictions ahead of today's announcement. 

The chief executive of the HomeOwners Alliance, Paula Higgins, says she is looking forward to seeing the details of how the stamp duty surcharge will work.

“Parents helping their children to buy, and those going through family breakdown should not be penalised,” she argues. 

“For example, if a couple separates and the man buys a flat close to the family home while he is still named on the mortgage of the original marital home then he will have to pay the 3% surcharge even though he is buying a home to live in.” 

She says downsizers may also suffer if the government insists that the 3% is paid upfront. 

“Homeowners thinking of downsizing could be deterred from selling as they may need to find additional thousands of pounds to complete their move,” she says. 

Meanwhile London agent, Andrew Ellinas, director of Sandfords, has called on the chancellor to reverse the stamp duty changes. 

"Over the last four years there has been an unfair amount of tax changes including stamp duty, land tax and capital gains. Landlords and homeowners have been completely restricted with these additional tax charges, all of which have been very damaging on the housing market as a whole," he says.

He argues that the government has been heavy handed in its housing measures and that they have created a 'static' market.

"Far from the Conservative Party being the property industry’s friend, they have in fact been our enemy making it increasingly more difficult and expensive for people to be able to afford to buy," he says.  

Any announcement from the Chancellor with an impact on agents will be reported on Estate Agent Today and Letting Agent Today.

  • Rob Hailstone

    As usual the 'devil will be in the detail' with any changes. If the Chancellor proceeds as planned expect a certain amount of chaos band confusion for some time to come.

    Let's hope that Matt LeBlanc made enough noise the other day to put George off his stride and he was tweeting rather than including the SDLT changes in his budget.

  • Rob  Davies

    I think he's going to leave a lot of people very unhappy with this latest budget. Serves him right for the hubris he showed in his last Budget. The economic recovery - if you can even call it that - was always on a knife-edge, and as we've seen since even the smallest little thing has been enough to knock off course. This, as the Chancellor continues to carry out swingeing cuts on public services and government departments, continues to borrow ridiculous amounts of money, and continues to fail in his attempts to pay down the deficit.

    He's let his leadership ambitions cloud his judgement. His play for the top job has been badly hit by the many U-turns he's had to carry out in recent months, over Google, tax credit cuts and Sunday trading hours. I'm sure he'll find some way of spinning this latest budget of belt-tightening and cuts into something positive, but people will see straight through his lies and rhetoric.

    This stamp duty surcharge is typical George - biting the hand that feeds him.

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