In the 2015 Summer Budget and again in his Autumn Statement, the Chancellor George Osborne introduced a number of changes that will affect investors buying or owning a buy-to-let property in the UK. As is usual in these cases the market was slow to react, but as the 1st April deadline for the first of these deadlines draws closer, more and more landlords and would be investors are now waking up to how the changes will affect their own position. As a result the Synergy commercial finance broker network is witnessing a significant increased in enquiries.
One of the main changes is that from 1st April this year the higher rate of Stamp Duty Land Tax (SDLT) will be set at 3% above current rate. To give you an example of what this means: a £500,000 property bought today will have an SDLT rate of 5% or £25,000. From 1st April the SDLT rate will be 8% meaning the tax bill would rise to £40,000 if the purchaser already owns one or more UK properties.
Another change on the horizon is that from 2017 the amount of tax relief landlords can claim on the finance costs (for instance mortgage interest payments) is to be gradually reduced over a 4-year period.
Obviously landlords and would-be property investors are looking at ways to legally re-structure their financial investments in order to minimise their tax situation and one of the ways they are doing this is by consulting an experienced commercial finance broker and commercial finance advisors. They are also exploring other alternative finance and funding sources rather than conventional banks and the other major financial institutions.
At Synergy our commercial finance broker network is witnessing a strong increase in enquiries from property investors keen to discover why Synergy is in an excellent position to help them.
With an attractive range of finance products, together with a unique funding panel that offers what can only be described as the most comprehensive and innovative funding options available anywhere, you can immediately recognise just why interest in our facilities is constantly mounting. When you also factor in a commercial finance broker network that is supremely qualified and equipped with the kind of independent (not house-bound) advice to satisfy every requirement and situation you can appreciate just why more and more investors are now acknowledging that Synergy Commercial Finance is the right organisation to help them to react to the changing market in the most financially tax efficient way possible.
If you are still considering your own options then it will definitely be in your interests to speak to Synergy Commercial Finance to discuss what is the best and most positive financial strategy for you. You can call us on 01904 481 786, you can also get in touch by email at: firstname.lastname@example.org or you can always send us a message using the form on our Contact page and we will call you back.
The solution could be simpler than you think!