What the Spring budget changes mean for landlords

What the Spring budget changes mean for 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.

 

Our award-winning rental team look forward to helping you make your landlord experience stress-free.

 

Arins Property Services - selling & letting homes in Wokingham, Lower Earley, Tilehurst, Reading and Winnersh since 2009.

 

Share:

Other recent news articles:

House prices more than £30,000 higher than this time last year while rents move upwards!

We’ve seen exceptional demand from buyers and tenants alike as summer is in full swing. As we look towards the autumn, we believe prices...

Read more

Prices fall though likely more due to holidays than rate rises

Price of property coming to the market sees first fall this year, down 1.3% in the month to £365,173 (-£4,795): - Prices usually...

Read more

★ ★ ★ ★ ★

Harry Hook, Chrissy, Tom, Mark & Rachel @ Arins...

"Harry Hook, Chrissy, Tom, Mark & Rachel @ Arins estate agents were instrumental in the sale of my house. They were very professional and all worked together, especially at the end chasing the..."

View more on allAgents
★ ★ ★ ★ ★

I only bother to write a review when I have...

"I only bother to write a review when I have exceptional service good or bad... Glad to report its been great as a customer of Arins, they rent my property me and have really taken all the stress..."

View more on allAgents
★ ★ ★ ★ ★

My house was recently sold by Harry Hook, I...

"My house was recently sold by Harry Hook, I was truly impress with the level of service; high quality photos, wellwritten descriptions Communication was always prompt and transparent. I was kept..."

View more on allAgents
★ ★ ★ ★ ★

Arins provided an excellent service in selling...

"Arins provided an excellent service in selling a home of a friend. Richard Broomes and his team were very helpful at all stages and ensured that I was kept informed and consulted on decisions. The..."

View more on allAgents
★ ★ ★ ★ ★

Amazing service and experience with Chrissie....

"Amazing service and experience with Chrissie. She was very warm and personal, and made me comfortable with the process as a first time buyer. Always prompt replying to every query I had over 5..."

View more on allAgents


Register today for property updates
Register

Instant online valuation

60 - second instant online valuation
Get a valuation