Capital gains tax relief allowance halved
From 2023, the Annual Exempt Amount for capital gains tax will be cut from £12,300 to £6,000, and then cut again to £3,000 from April 2024.
“This will be unwelcome news for landlords, second home owners and those looking to sell their property as capital gains tax is applied at a much higher rate for residential property sales,” says Jamie Morrison, Head of Tax at HW Fisher.
Stamp duty cut to remain – but only until 2025
The Chancellor shared that “the OBR expects housing activity to slow over the next two years, so the stamp duty cuts announced in the mini-budget will remain in place but only until March 31 2025.”
This means that the threshold of the price of a property before stamp duty is paid will stay at £250,000, up from the previous threshold of £125,000 – but now for a time limited period.
RENTERS REFORM MUST BALANCE INTERESTS OF TENANTS AND LANDLORDS
Propertymark has submitted written evidence to the Public Bill Committee on the Renters (Reform) Bill, citing data demonstrating the level of concern amongst our members about measures likely to make the PRS increasingly hostile to property owners and the unintended consequences for people in need of homes.
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