This week’s Star Letter goes to ‘very deceptive’ for their comment on: Buy to let still ‘hugely popular’ with retirees despite looming rule changes
I speak with new prospective clients every week who have no idea of the impending tax changes re the stamp duty that is due to affect them. Many clients who are buying a new main residence, keeping properties in the background or ones wishing to assist a family member as a joint purchaser are being caught by the tax changes. Some are investors so it matches with the intended result. Others who are purely named on other family member mortgages seem to be unfairly penalised.
Whatever the media coverage, it hasn’t reached nearly enough people. It is not clear for many people and given that it hasn’t even been finalised makes it potentially very damaging for many of those purchasing at this point.
The future changes for taxing rental income has had better publicity, appears to be a fairer tax and given its measured approach shouldn’t be a shocking surprise to many non-investors. Why hasn’t there been the same thought and consideration used for Stamp Duty? It’s such a shame after resolving the grossly unfair Stamp Duty stepped charging of old, only to spoil the simplicity and fairness for many people going forward.
