Two property investors are set to give away a £110,000 flat in Manchester in a protest against Chancellor George Osborne and his tax attack on the buy-to-let sector.
Property Investors to Give Away £110,000 Flat in Anti-Osborne Protest
Marco Robinson and Simon Paul – who describe themselves as multi-millionaires – are both opposed to the 3% Stamp Duty surcharge, which came into effect on 1st April, and the reduction in mortgage interest tax relief for buy-to-let landlords, which will come into force next year.
The pair believes that the tax changes will make it too expensive to invest in property and will cause a flood of property sales.
Despite many groups criticising the changes, recent research reveals that homeowners welcome the Stamp Duty surcharge: /homeowners-welcome-stamp-duty-surcharge-landlords/
The landlords are holding a competition to decide who will win the two-bedroom, fully furnished flat in central Manchester. The owner will also be guaranteed a rental income of £6,500 per year for five years. After that, the winner is free to handle the property as they please; it does not have a mortgage on it.
Robinson says: “George Osborne’s new Stamp Duty law is a blatant attempt to cash-in on a booming market. But it is badly thought out and utterly pointless. It is doing all it can to crush entrepreneurial activity in what is a fantastically rewarding sector.
“However, I don’t agree that it is the ultimate death knell of buy-to-let activity. That’s why I am giving away a rental market house. Ideally, I’d like to put a buy-to-let investor on the first rung of what is a fantastic and hugely rewarding ladder, which can lead to financial freedom.”1
Those wishing to enter the competition for the £110,000 property can play a game on Robinson’s Twitter page – @marcorobinson7. The draw will be made at the end of the year.
Will you be entering the draw?