A tax on new houses

The Daily Telegraph - - Letters To The Editor -

SIR – Stamp duty (re­port, Au­gust 15) is just one of many ob­sta­cles to solv­ing Bri­tain’s hous­ing cri­sis.

I have a track record in re­fur­bish­ing derelict hous­ing, con­vert­ing dis­used re­tail space into res­i­den­tial prop­er­ties and di­vid­ing large dwellings into flats. I am now in­ter­ested in con­vert­ing more un­oc­cu­pied shops into houses and in build-to-rent on dis­used brown­field sites in mar­ket towns. Cap­i­tal gains tax (CGT) pre­vents me from do­ing any of this. I should be able to raise the cap­i­tal from the sale of 10 flats and six houses, but CGT would take about a quar­ter of the pro­ceeds.

Every prop­erty sale would be an op­por­tu­nity for a first-time buyer; would re­sult in work for es­tate agents, solic­i­tors and sur­vey­ors and trades­peo­ple; and would, of course, re­sult in stamp duty where ap­pli­ca­ble. Matthew Sands

Horn­cas­tle, Lin­colnshire

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.