What might 12 December bring?
The current political climate has caused many people to question their political allegiances and consider voting for an alternative party. We have read the various party manifestos and below set out their proposals in respect of SDLT and the property market.
Conservative Party
The Conservatives would introduce a 3% stamp-duty surcharge for non-UK residents – whether they are an individual or company – with the monies being used to help pay for schemes to tackle rough sleeping.
The party is committed to building at least 1 million new homes over the next five years.
The party would introduce a First Home scheme, under which properties would be sold at 30 percent discounts to first-time buyers, and simplify shared ownership products.
On the rental market, they propose requiring only one “lifetime” deposit which moves with the tenant.
Labour Party
Labour has pledged to put an extra tax on foreign companies and trusts buying property in the UK. They are prosing charging offshore firms 20% for property purchases, on top of existing stamp duties and levies.
Labour has committed to building 150,000 homes a year.
Labour have proposed introducing a second homes tax – with people paying 200% of the current council tax bill on holiday homes.
The party have proposed capping rent increases and only allowing them to rise in line with inflation.
Liberal Democratic Party
The Liberal Democrats have proposed linking Stamp Duty to the energy rating of a property. The manifesto proposes graduating Stamp Duty by the energy rating of the property and allowing local authorities to increase council tax by up to 500% where homes are being bought as second homes.
The party said it would introduce a Stamp Duty surcharge on overseas residents purchasing second homes.
The party is committed to building at least 300,000 new homes a year.
There is also another change that would hit landlords as the party has proposed abolishing the Capital Gains Tax-free allowance and instead taxing gains and salaries through a single unspecified allowance.
The document includes support for renters, with plans to establish a new Help to Rent scheme to provide government-backed tenancy deposit loans for all first-time renters under 30. The LibDems said they would also promote longer tenancies of three years or more with an inflation-linked annual rent increase built in.
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