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Sophie Carr
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I own a small flat outright and having got married and saved some money we would like to buy a bigger property, taking a let to buy mortgage on the flat and renting it out. With this new legislation, we would be liable to pay the 3% additional stamp duty on our primary residence that we will live in, and not the smaller, cheaper property (that we currently earn) which we were hoping to bring into the rental market (unless we complete before March 31st, which is highly unlikely given how few properties there are on the market). I am a lifelong Conservative voter and am extremely disappointed by this new policy (not to mention the way it's being brought in with a short consultation period and short implementation time), which as others have said will penalise the country's middle income earners who are just trying to make an investment in their future. We are also penalised by being married, but unfortunately cannot just get divorced in order to avoid the tax! It seems that the government, of which I have until now been a strong supporter, is determined to continue to support institutional investors at the expense of aspirational, hard-working (and high tax-paying) middle classes. It is an ill-though-out policy that will lose the Conservative party a large number of voters from its loyal core, and will result in the rents increasing as institutional investors take advantage of the lack of competition and the rental stock diminishes.
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From: Sophie Carr
09 January 2016 18:14 PM