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Remove new tax on buy-to-let homes call by landlords

1/10/2017 12:00:00 AM   0 Comments   bridging loans, buy to let

Buyers currently pay an extra 3% levy on their stamp duty when purchasing a property to rent out.

A landlord group wants the new Welsh Land Transaction Tax (LTT) to remove the levy where a landlord is adding to the housing supply.

The Welsh Government says the revenue made by the higher rate is "essential to the delivery of public services".

LTT will replace stamp duty in Wales in 2018.

The Residential Landlord Association (RLA) says the levy will limit supply and push up rents and wants it scrapped "where landlords invest in housing adding to the net supply of homes", such as new builds.

Douglas Haig, vice chairman of the Residential Landlords Association and its director for Wales said: "The government has rightly made boosting the supply of housing, including homes to rent, a priority.

"Whilst we believe the planned levy on homes to rent out will most hurt vulnerable tenants needing a place to live, the assembly has an opportunity to make constructive changes to the bill to rectify this and back the nation's tenants."

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