Fair and Just?
Client A currently owns a healthy buy to let portfolio with a large amount of equity and good net income made each year. He is selling his existing main residence for £500,000 and buying a new one at £1million.
Client B is stuck with a buy to let property in negative equity, it used to be her main residence before she was relocated with work 7 years ago. She is losing money on rental each month but can’t afford to sell it. Client B lives in rented accommodation but wants to buy a new house at £100k to live in.
Guess which one pays the Stamp Duty surcharge of 3% on the new purchase?
Life isn’t always fair and just!