Surprise autumn statement announcement is set to wipe out landlord profits,and could abolish off the marketLandlords are in shock after a moment enormous tax assault on buy to let by the chancellor which will force investors to pay thousands more in stamp duty on new properties – on top of the loss of tax reliefs unveiled in July.
A new 3% additional stamp duty rate on any property bought as a buy to let or as a moment home, will see the tax on a £175000 purchase jump sixfold from £1000 to £6250 (see table below). For someone buying in London, or say a two-bed flat for £400000,the stamp duty rises from £10000 to £22000.
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Source: theguardian.com