Buy to let stamp duty surcharge and other related news

[AtW]

So if you own a BTL property and move house, but your ownership of old/new house overlaps by a day, you wouldn't be able to get a refund?

Here is what HMRC says -



Source: https://www.gov.uk/government/consul...ial-properties

[vetran]

A bridging loan is typically for a few hours though - isn't it? So you would complete on both houses the same day?

nope can be for months

Bridging Loans Guide - MoneySuperMarket

[DimPrawn]

Here is what HMRC says -

Here's what DimPrawn says -

[d000hg]

Here is what HMRC says -



Source: https://www.gov.uk/government/consul...ial-properties

Thanks for that. It seems to suggest that BTL owners don't really get shafted on their residences then - well they have to pay the fee but it will be refunded, and people in this position are probably cash-rich enough it is not a huge issue.

nope can be for months

Bridging Loans Guide - MoneySuperMarket

Interesting.

[AtW]

Thanks for that. It seems to suggest that BTL owners don't really get shafted on their residences then - well they have to pay the fee but it will be refunded, and people in this position are probably cash-rich enough it is not a huge issue.

Who is cash rich in this country?

Excluding inherited wealth, foreigners who've either (99%) laundered stolen money or worked really hard to earn enough to be independent (1%)?

The whole UK economy is build on leveraged debt, people delaying haircuts until payday at the end of January (heard it on the radio!).

btw, it won't take long before 3% becomes 5%.

[d000hg]

Who is cash rich in this country?

That was my point, virtually nobody buying a house the normal way would ever have to chase a refund.

If you own BTL properties AND you can afford to buy a new house without selling the old one first, you are in a tiny minority.

[AtW]

That was my point, virtually nobody buying a house the normal way would ever have to chase a refund.

If you own BTL properties AND you can afford to buy a new house without selling the old one first, you are in a tiny minority.

Ah, that's fine then - tiny minority should be fooked over senseless...

[d000hg]

Ah, that's fine then - tiny minority should be fooked over senseless...

a)We've already established this is NOT what happens
b)People bleating on about how the changes are bad for the majority when actually it's just bad for them and their rich friends, is dishonest

If someone with a huge pile of cash has to pay extra tax AND CLAIM IT BACK because they can't organise completing their sale & purchase efficiently, boo-hoo.

Anyone using a bridging loan is already paying extra fees, you're not saying that's unfair.

[AtW]

b)People bleating on about how the changes are bad for the majority when actually it's just bad for them and their rich friends, is dishonest

What's dishonest is to announce this tax as on BTL when it reality it will affect ALL second house purchases. It will also create cashflow issues for some who (for whatever reason) have to wait until their main residence is sold later.

Stamp duty is tax on mobility - it's worse than VAT because at least VAT is paid only once, transactional tax that Tory Scum were so against to keep their pals in the City safe, yet they easily apply it to people living in country - 12% right now high band, with 3% extra it's 15% - that's VAT level, and 6 times the house changes hands it's full value gets paid to HMRC, that's confiscatory levels of taxation.

Same with wages now - 45% income tax + 2% employee NIC + 13.8% employer NIC - 60%+ tax on a job! Sixty fooking percent!

[d000hg]

What's dishonest is to announce this tax as on BTL when it reality it will affect ALL second house purchases.

No, it doesn't, as attested to by the chart YOU posted.

It will also create cashflow issues for some who (for whatever reason) have to wait until their main residence is sold later.

It ONLY affects these people. Re-reading the chart it is a PITA for everyone using a bridging loan (regardless of BTL)?