New 3% Stamp Duty tax

ognum

Thrugelmir wrote: »

Been endless topics on the same lines on this forum. With people thinking that they should be exempt. Why waste the HMRC's time?

Just my opinion. As from a personal perspective I've found people have become more selfish, rude, impatient and dumber in their day to day dealings.

With 45000 posts on this forum of course you know what's going on but the OP thought he was posting something useful, why put him down.

He did think he may be exempt, he did the right thing and contacted HMRC helpline, that is what it is for.

You may be right about the way people are but why do we have to be the same?

carpediemspirit

If you are not happy with the proposed legislation and want to make your voice heard, I would write to your MP and also e-mail the policy consultation team on:

If you wish to make your views known to the consultation team, here are the email addresses:

sdltadditionalproperties@hmtreasury.gsi.gov.uk
stamptaxes.budget&financebill@hmrc.gsi.gov.uk

Emailing the team will ensure your voice gets heard and the legislation gets amended accordingly

alchemist.1

seaspray10 wrote: »

This will effect all BTL landlords unless you're a PLC or Ltd company, as the tax also applies to cash purchases.
BUT the reason I posted, wasn't to complain, it was to let other BTL landlords who didn't own their own residential property know that they would be subject to this tax, if they purchased a residential property after 5th April 2016.

Majority of people with a BTL business/investment would have known about this already. There was enough information after the announcement in November.

seaspray10

Thrugelmir wrote: »

You are purchasing a second home. What you do with the first property is up to you. You've decided to let the property. Rather than make the property your home.

No complexity. The issue is basic as this. End of waffle.

No, this property has been my home for the last 2yrs but due to my becoming self employed, I put the mortgage in the name of a close family member, until such times as I could take it over myself, so I won't be moving but will have my name on the deeds.

seaspray10

alchemist.1 wrote: »

Majority of people with a BTL business/investment would have known about this already. There was enough information after the announcement in November.

The first person I spoke to at HMRC, didn’t know the answer. The person I spoke to at the NLA, was very interested but also didn’t know, even the conveyancer I asked wasn’t sure, so once we had a definitive answer, I thought it was safe to presume that there were other mere mortals (like myself) who may also be unaware. Hence the reason I posted.


There are other groups that at present will also be affected and may not know (who are NOT landlords).


Last year over 30,000 parents joined their children on mortgages to help them get onto the property ladder.


And many elderly people gift their homes to their children, in order to safe guard their inheritance against care costs.


If the government included the last group deliberately, then I take my hat off to them, as they’ve been trying to prevent this for years.

alchemist.1

seaspray10 wrote: »

The first person I spoke to at HMRC, didn’t know the answer. The person I spoke to at the NLA, was very interested but also didn’t know, even the conveyancer I asked wasn’t sure, so once we had a definitive answer, I thought it was safe to presume that there were other mere mortals (like myself) who may also be unaware. Hence the reason I posted.


There are other groups that at present will also be affected and may not know (who are NOT landlords).


Last year over 30,000 parents joined their children on mortgages to help them get onto the property ladder.


And many elderly people gift their homes to their children, in order to safe guard their inheritance against care costs.


If the government included the last group deliberately, then I take my hat off to them, as they’ve been trying to prevent this for years.

Okay thanks for the info. There have been many threads on this subject since Nov and it was widely publicised in the press.

I presumed as a BTLer, most would already have kept upto date on any changes that may have an adverse effect but obviously this isnt the case.

There are already safeguards (if you can call it that) in relation to the last group that you mention.

NinaSwiss

OP
Just incase you arent already aware or perhaps no one else here has mentioned it do bear in mind that hmrc plans to restrict tax relief on buy-to-let mortgage interest.
I suspect this is particularly relevant if your income from BTL takes you into the 40p tax bracket.

seaspray10

NinaSwiss wrote: »

OP
Just incase you arent already aware or perhaps no one else here has mentioned it do bear in mind that hmrc plans to restrict tax relief on buy-to-let mortgage interest.
I suspect this is particularly relevant if your income from BTL takes you into the 40p tax bracket.

I was aware of this BUT thank you. It's the first time I've been on here and it's good to know that MOST people are nice.

Angie_B

seaspray10 wrote: »

No, this property has been my home for the last 2yrs but due to my becoming self employed, I put the mortgage in the name of a close family member, until such times as I could take it over myself, so I won't be moving but will have my name on the deeds.

So you plan to have your name on the deeds but not on the mortgage? I think lenders tend to have a problem with this due to the difficulty in repossessing if it ever comes to that.

Would be worth you checking this before you go too far down this route.

seaspray10

Angie_B wrote: »

So you plan to have your name on the deeds but not on the mortgage? I think lenders tend to have a problem with this due to the difficulty in repossessing if it ever comes to that.

Would be worth you checking this before you go too far down this route.

Thank you for your concern but no, I plan to take a mortgage in my own name, as I have always planned.