That was thanks to new stamp duty rules introduced at the beginning of last April, which hiked stamp duty on second homes and led to a buying frenzy just before the rules were introduced, source
Many in America view Trump's tax plan as the plan that will make America great again. For this to happen, it needs to be passed, not discussed endlessly. Most important, any tax reduction proposal cannot be quietly offset by rising taxes at the municipal and state levels. Both are happening faster than the headlines will acknowledge. Raising local taxes (property, licensing, fees, etc) to rescue bloated budget deficits, will send US property prices tumbling not only in Britain but also America.
Headline: Buy-to-let investors to challenge tax hike in court
Wealthy property investors are mounting a legal challenge to the Government's proposals to increase tax on buy-to-let investments.
They hope a judicial review will overturn the controversial "Clause 24" of the 2015 Finance Bill, in which the Government introduced plans to prevent landlords offsetting mortgage interest costs against rental profits before calculating tax.
These tax changes, which will apply to existing investment properties as well as future purchases, will result in some buy-to-let investors paying tax even where they generate no profit or are loss-making.
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