Why Labour's stamp duty raid shouldn't stop you buying a second home [Yahoo! Finance]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
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Source: Yahoo! Finance
According to the Office for National Statistics, 39pc of second homes are holiday properties, 35pc are investments and 16pc were once primary residences – though in reality, the boundaries are often blurred. The decision to buy or sell an “additional dwelling”, and when, comes down to weighing up the benefits of owning the property – such as access to a holiday home or rental income – against the costs, like maintenance. Tax is one factor to consider, but it shouldn't be the deciding one. The best advice I received in my years at accountancy firm, Deloitte, was: “Don't let the tax tail wag the dog.” This is even more true in the context of Labour's recent Budget which, despite fears to the contrary, was relatively kind to residential property owners. Capital gains tax rates for property sales were untouched, while inheritance tax-free thresholds are still intact, and frozen until 2030. The main change relating to housing was an increase in stamp duty for additional properti
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