Budget announcement good news for landlords

24 March 2011

Landlords received good news recently as the Chancellor of the Exchequer George Osborne announced that the stamp duty rates for multiple properties were changing.

In his budget announcement Osborne declared that the rate of stamp duty land tax on purchases of multiple residential properties will be determined by the mean value of the properties purchased (subject to a minimum rate of 1%). Previously the stamp duty rate for such purchases were based on their aggregate value.

Other property related news in the budget saw 10,000 first time buyers promised £250m towards new build houses and plans to make Real Estate Investment Trusts (REITs) easier to set up and more accessible to investors. It is hoped that this will encourage investment in the private-rented sector in the longer term.

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