Instead of relief from stamp duty, the government today has promised to abolish stamp duty relief in their 2024 Spring Budget announcement.
This means that the Multiple Dwellings Relief, which was introduced to those buying more than one house in a single transaction, has now been taken away. Whilst it was initially intended to support investment in the private rented sector, Chancellor Jeremy Hunt said that an external evaluation found “it was being regularly abused”.
Black Brick Founder and experienced property expert of over 20 years, Camilla Dell shared her reaction to this news in The Standard, calling the move “shortsighted”.
“Many of our buy-to-let clients purchase sic or more properties and benefit from lower rates of SDLT as a result,” she said. “They are providing much needed rental supply into the market and without this tax break it is yet another deterrent towards investment into the private rental sector. Not good news for tenants as fewer andlords results in higher rents.”
Read the full article here.