22 Mar

Budget disappoints buy-to-let landlords

Budget disappoints buy-to-let landlords

The government’s latest Budget brought little good news for landlords as they miss out on Capital Gains Tax changes.

From the start of April, landlords will see an extra three per cent stamp duty charge on buy-to-let properties, but it was also confirmed that plans to change the Capital Gains Tax will not bring any benefits.

Under the Budget plans, the basic rate of Capital Gains Tax will be reduced from 18 per cent to ten per cent and the higher rate will be lowered from 28 per cent to 20 per cent from April.

However, any gains made on residential property sales will not be eligible for the reduced rates - meaning those buy-to-let investors and people with second homes will may an eight per cent premium.

“Buy to let investors could be forgiven for being completely paranoid. On this evidence, the Chancellor really has got it in for them and has excluded buy to letters from a huge CGT giveaway,” said Jamie Morrison, private clients partner at the chartered accountants HW Fisher & Company.

“With more incentives to help savers and first time buyers get on the property ladder, buy to let owners have once again been cast in the role of fall guy,” he added.ADNFCR-1222-ID-801815078-ADNFCR

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