The Welsh Government has followed its counterparts in England and Scotland and raised the stamp duty that landlords buying rental properties must pay, effective from tomorrow.
Landlords and agents have slammed the Scottish government’s decision to increase the Additional Dwelling Supplement (ADS) under Land and Buildings Transaction Tax from 6% to 8%.
The Institute for Fiscal Studies (IFS) has slammed the Stamp Duty rise for landlords, warning that tenants will suffer as a result of the Budget announcement.
Landlords will face an additional average charge of more than £7,000 from tomorrow when buying a property thanks to an uplift in Stamp Duty charges.
The Welsh government has been warned it risks reducing the supply of student accommodation if changes to tax reliefs are introduced.
The decision by George Osborne in 2015 to introduce a 3% additional stamp duty levy on landlords has seen a slump in the number of BTL properties bought in the Tory heartlands of Southern England.
Landlords and property investors who buy privately-held multi-property portfolios in Wales are to lose another tax perk.
Abolishing Multiple Dwellings Relief will intensify problems of chronic undersupply in the property market, according to one tax expert.
Signs that landlords may see their tax bill reduced during the Spring Budget on March 6th have emerged from parliament following a question in the Lords.
