Changes to stamp duty and the proposed “mansion tax” would likely have little impact on wealthy investors’ intentions when it comes to buying property, new research from YouGov finds.
The Wealthy Investors report finds that the changes to stamp duty are viewed broadly positively by wealthy investors. Almost half (48%) of property owners planning a new property investment believe the new method of calculation is better than the old one and only slightly less (45%) say the new rules will not impact on their investing.
Furthermore, 27% actively like the tax and agree with the levels of payments proposed. However, 13% agree that wealthier home owners should pay more but that the tax is too high and the same proportion think the tax is unfair and set at too high a level.
Amongst the 481 wealthy investors who currently own properties/land/buy-to-let, more than half (55%) believe the proposed “mansion tax” on properties worth over £2 million would have no impact on their property investments, over four in ten (43%) say it would have little or no impact, and 23% state they like the tax and agree with the level of payments.
15% of wealthy investors with property interests believe that, while wealthier home owners should pay more, the proposed tax is too high. Fewer than one in ten (7%) state they would be less willing to invest and they fear that demand could fall (as a result of the tax) and just 1% think that, should the plans come into effect, they would cut back on investing as they would need to spend more on the “mansion tax.”
Image from PA