Landlords are being advised to avoid firms offering schemes promising to help them sidestep the new Stamp Duty Land Tax surcharge.
After April 1 anyone purchasing a buy-to-let property or second home for more than £40,000 must pay an addition 3% Stamp Duty.
A number of firms have promoted schemes claiming to help landlords get around paying the additional charge.
But in a meeting with David Smith, policy director for the Residential Landlords Association, the Treasury made it clear that the new rules will be incredibly restrictive and confirmed that no additional guidance will be made available until after the budget.
It was also revealed that the ’15 property rule’ – which would see investors buying 15 or more properties exempt from the 3% levy – would only apply to those buying all 15 on one contract and in a single transaction.
David Smith said: “Landlords should be very careful about making plans for their property purchases until after the budget.
“Any property purchases must be completed before April 1 if the buyers want to avoid paying the new levels of Stamp Duty Land Tax.
“The Treasury has made it abundantly clear that anyone offering schemes to get around the changes is talking nonsense.”