The 3% SDLT surcharge on additional properties, which came into effect on 1 April, saw a surge in residential property purchases during March to nearly 162,000 – the most seen in one month since August 2007. The announcement of the surcharge at the Autumn Statement in December, with a four-month delay in implementation, led to predictions of a rush to beat the increase – predictions which are now backed by the statistics.
The resulting increase in SDLT has almost offset the expected reduction in SDLT revenue from the introduction of the new progressive rate structure in December 2014.
In addition to HMRC’s statistics, mortgage lending figures have shown the biggest monthly increase since April 2008.
However, Paul Haywood-Schiefer, assistant tax manager at Blick Rothenberg, warned of a ‘sting in the tail’ for buy-to-let borrowers in the form of restricted higher-rate relief for mortgage interest beginning in stages from April 2017.
The 3% SDLT surcharge on additional properties, which came into effect on 1 April, saw a surge in residential property purchases during March to nearly 162,000 – the most seen in one month since August 2007. The announcement of the surcharge at the Autumn Statement in December, with a four-month delay in implementation, led to predictions of a rush to beat the increase – predictions which are now backed by the statistics.
The resulting increase in SDLT has almost offset the expected reduction in SDLT revenue from the introduction of the new progressive rate structure in December 2014.
In addition to HMRC’s statistics, mortgage lending figures have shown the biggest monthly increase since April 2008.
However, Paul Haywood-Schiefer, assistant tax manager at Blick Rothenberg, warned of a ‘sting in the tail’ for buy-to-let borrowers in the form of restricted higher-rate relief for mortgage interest beginning in stages from April 2017.
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")