Exact(8)
London's luxury property market has been hit in particular, as Brexit uncertainty and increased stamp duty have been putting off foreign buyers.
In the summer the chancellor, George Osborne, cut tax reliefs for buy-to-let landlords, and in the autumn statement he increased stamp duty on investment properties.
The increased stamp duties will not apply to Hong Kong residents buying residential property for the first time, and other limited exemptions are possible.
In the Budget, Chancellor George Osborne increased stamp duty on buy-to-let properties and second homes in what was billed as an "attack on landlords".
The party says this will cost £225m annually, and will be funded primarily by increased stamp duty for buyers from outside the EU.
Watch out, tenants: Kent Reliance says the meanie in No 11 Downing Street is going to cost YOU £55 a month extra in rent because of the increased stamp duty he has imposed upon your landlord.
Similar(52)
Osborne's secondary reason for increasing stamp duty was to dampen the housing market.
Australia Post signalled its intention to increase stamp prices at the time, but first had to secure the approval of the Australian Competition and Consumer Commission.
But he is not at heart a level-playing-field man; indeed, he introduced a new distortion into the housing market by increasing stamp duty on expensive homes.
However the move will increase stamp duty for the most expensive houses – someone buying a £5 million house will pay nearly £200,000 more in tax.
Th move will increase stamp duty for the most expensive houses – someone buying a £5 million house will pay nearly £200,000 more in tax.
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