Multi-millionaire property investor holds competition to give away £110K Manchester flat in protest at Osborne's stamp duty hike
05-06-2016
- Investor Marco Robinson is giving the property away in a stand against recent stamp duty tax rises
- The winner will be given two bedroom property in Manchester worth £110K
- The rental income of £6,500 will be guaranteed for five years
By Myra Butterworth For MailOnline
A multi-millionaire property investor will give away a buy-to-let flat in Manchester to the winner of his competition (see below) - in protest over George Osborne's stamp duty increase.
Investor Marco Robinson is holding the competition in a stand against the Chancellor's tax rise. The winner will be handed the two bedroom property in Manchester, which will have its annual rental income of £6,500 guaranteed for five years.
After the five years, the winner is able to do what they want with the property - which is worth £110,000 and comes mortgage-free as well as fully furnished.
The winner will be handed this property in Manchester, with the rental income guaranteed for five years
Mr Robinson - who has written a book on property investing called The Financial Freedom Guarantee - said: '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.'
Investor Marco Robinson is running the competition in a stand against the Chancellor's tax rise
In his Budget earlier this year, the Chancellor introduced a 3 per cent surcharge on all buy-to-let properties and second homes.
An investor buying a £200,000 buy-to-let before the change was announced would pay stamp duty of £1,500. This is based on paying zero per cent on the first £125,000 of the property value and 2 per cent on the portion between £125,001 and £250,000.
However, from the beginning of this month, the bill would have risen from £1,500 to £7,500. This is based on paying 3 per cent on the first £125,000 and 5 per cent on the amount between £125,001 and £250,000.
The Chancellor also cut the amount of tax relief available to landlords, prompting many commentators to suggest that the changes would be the death of the buy-to-let.
The new 3% stamp duty surcharge on buy-to-let properties means investors pay thousands extra in tax
However, Mr Robinson said: 'I don't agree that it 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.
'I am doing it to underline that buy-to-let is a superb investment - as long as it is handled correctly.'
He added: 'By giving away part of my property empire I am putting my money where my mouth is.
'I will be proving that despite George's tax laws, buy-to-let is a key investment opportunity.
'The Government should be doing more to encourage people to invest in property as it still is the path to gaining financial freedom. I am living proof that the model works.
The two-bedroom property comes mortgage-free as well as being fully furnished
Entrants to the competition are asked to play a game found on Mr Robinson's Twitter page @marcorobinson7.
In the competition, entrants will need to take a screen grab of a fast moving image and attach it in a reply to Mr Robinson's tweet.
Entrants must also retweet the competition to their followers, as well as post a picture of themselves and Mr Robinson's book, tagging in his Instagram account @marcorobinsonnow.
Full terms and conditions for the competition are available on Mr Robinson's website.