Top takeaways from the Spring budget affected landlords

Posted 3 months ago.
Top takeaways from the Spring budget affected landlords
News
 > Top takeaways from the Spring budget affected landlords

The recent budget was likely to be one of the last the current Chancellor will give in the light of a General Election occurring before the end of 2024.

The top key takeaways from the Spring Budget for landlords include a change to the tax cuts for holiday homes and multiple dwellings meaning that holiday let landlords could lose an average of £2,835. The aim for this clampdown would be, according to the Chancellor, to avoid the “distortion of not enough properties to rent for local people.”

It was also announced that the higher rate of property Capital Gains Tax will reduce from 28% to 24%. Capital Gains Tax applies to properties when a person makes a profit on selling a property that is not their main home. Examples include when selling buy-to-let properties, business premises, land, and inherited properties.
The Spring Budget also abolished multiple dwellings relief (MDR). This was available for people who buy more than one residential property at a time. Originally introduced to minimise any barriers when investing into property, it’s likely this relief will affect larger landlords and the buy-to-let sector the most. Stamp Duty Land Tax Multiple Dwellings Relief will be abolished from 1 June 2024.

Don’t miss our next article, subscribe to our news updates

Recent articles

50,000 rental properties needed says Rightmove

Posted 4 weeks ago
50,000 rental properties needed to bring supply of rental homes back to pre-pandemic levels says…
50,000 rental properties needed says Rightmove

Annual house price inflation unchanged at -0.2% from February

Posted 1 month ago
Zoopla’s latest index shows that house prices are firming as market activity improves.
Annual house price inflation unchanged at -0.2% from February

5 enquiries for every home for rent and changes to rental legislation

Posted 2 months ago
UK rental inflation has slowed to 7.8%, down from 11% a year ago – the…
15 enquiries for every home for rent and changes to rental legislation

We use cookies on this website. You are free to manage cookie settings via your browser at any time. To learn more about how (and why) we use cookies, please take a look at our Privacy Policy.

Ok, got it!

Stay informed & sign up for exclusive updates

Be the first to know about our latest listings, local news, industry insights, and expert advice. Join our regular newsletter for exclusive updates and valuable information.

By submitting your email, you are acknowledging your have read and agree with our privacy policy.