Spring Budget: What does this mean for me?
The recent announcement of the Spring Budget by the Chancellor of the Exchequer on March 6, 2024, holds significant implications for those invested in the property market. As we anticipate an upcoming General Election, this budget marks a crucial moment, potentially shaping the landscape for property transactions in the near future.
Among the highlights of the budget, the proposed cut in Capital Gains Tax on property transactions is undoubtedly a point of interest for many of us. It's a move that is likely to be welcomed, offering potential benefits for property owners navigating the complexities of tax implications.
However, amidst the anticipation, there is also a sense of disappointment within the sector. Key measures that were eagerly anticipated, such as stamp duty breaks for first-time buyers, initiatives aimed at increasing mortgage availability, and a suspension of the 3% stamp duty land tax premium on buy-to-let purchases, have been notably absent from the budget's agenda.
For those of us deeply invested in the property market, these omissions represent missed opportunities. We understand the importance of these measures in fostering a more accessible and sustainable property market, and their absence leaves us with questions about the future direction of property policies.
As property owners, investors, and stakeholders, it's crucial for us all to stay informed and engaged with developments in the property market and government policies. While this budget may not have delivered all the measures we had hoped for, let us remain proactive in advocating for policies that support the growth and prosperity of the property sector.
To help us all understand some of what was announced for the industry our membership body ARLA Propertymark have written this easy to read and informative breakdown for the following areas;
- PROPERTY TAXATION
- HOLIDAY LETS
- CAPITAL GAINS TAX
- NEW HOMES
- PERSONAL TAX & BENEFITS
Click the link below to read the full article...
Obviously there are some things that you may have questions on so if you would like to ask us anything you can find us in our office in Lyndhurst or pick up the phone and have a chat through things. Let's stick together as we navigate the twists and turns of the property market. With our resilience, adaptability, and a shared drive for success, there's no challenge we can't overcome.
