New Chancellor urged to review Stamp Duty Surcharge for Buy to Lets

Following Phillip Hammonds appointment this week as the new Chancellor, the Residential Landlords Association (RLA) has urged the government to review taxing of the buy to let sector.

George Osborne, Hammonds predecessor, was responsible for the introduction of a number of tax changes in the buy to let sector, most notably the Stamp Duty surcharge of 3% payable on the purchase of buy to let properties.

The RLA has stated that the measures introduced by Osbourne are stifling investment with the consequence of it becoming more difficult for prospective tenants to find suitable homes and ultimately could force rents upwards for those in rented accommodation.

It is understood that RLA represents approximately 40,000 private sector residential landlords throughout England and Wales.