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On Wednesday next week Chancellor Philip Hammond will deliver his Spring Statement. Commentators and pundits say he's under pressure to boost the housing market and tax may play a big part in this, including reform of Stamp Duty.What reforms would you advise Hammond to make?
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The "mini-budget" as its known, id not expect any major changes on Wednesday. Lets hope they ignore us, when they dont we end up with lighter wallets.That said Im still a fan of the SDLT/CGT thing giving landlords discounts on taxation if selling to a FTB. That rumor from last budgets never went way,
A bit more money to no-deal planning perhaps. GDP growth has slowed so he may want to do something their, but id not expect anything substantial until were more firm on Brexit outcome.
_________________________________________________________________________My posts are not financial advice, just a rambling guy passing time on a coffee break.The team at Bespoke Finance offers advice, including Limited Company Buy-to-Let , HMO Conversion and Cheap Life Insurance._________________________________________________________________________
THE Government needs to bring forward tax measures to address the scourge of empty homes as new figures reveal an increase in the number of homes without anyone living in them.According to figures out today, between October 2017 and October 2018 the number of empty homes in England increased by almost 30,000 from almost 606,000 to over 634,000.Of these, the number of homes classed as being empty for six months or more increased by over 10,000 from more than 205,000 in October 2017 to over 216,000 in October 2018.With the Royal Institution of Chartered Surveyors having warned that the supply of new homes for private rent “continue to dwindle” whilst tenant demand increases, the Residential Landlords Association is calling for pro-growth tax measures to bring empty homes back into use.The RLA is urging the Government to scrap its additional stamp duty levy on the purchase of new homes to rent where landlords invest in long term empty homes and bring them back into use within a reasonable period of time.John Stewart, Policy Manager for the RLA, said:“The scandal of empty homes at a time when so many are finding it difficult to access accommodation is just one reason why pro-growth tax is needed. The Government should support good landlords to do what they have always been good at – investing in property and bringing it back into long term use.”
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"Spring Statement - What should Hammond do?"Quit!
I don’t think there will be any major changes
stamp duty and S24 will not be changed
because it’s working landlords are buying far less houses FTB are buying
the only time we will see any major upturns will be when the government relise that they need landlords and that won’t be for a number of years
Learn Change and Adapt ?????
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Lisa Simon - now the head of sales and rentals at Carter Jonas but until recently the company’s long-standing head of lettings - says today’s Spring Statement mini-Budget is an opportunity for Chancellor Phillip Hammond to breathe new life into the troubled sector.
“His short-sighted, ‘one size fits all’ lettings legislation, designed to penalise small-scale landlords, has proved devastating to the industry – with the greatest ramifications for tenants - and has served no other purpose than to propel forward institutionally funded Build To Rent schemes” says Simon.
“The introduction of stamp duty penalties applicable to the purchase of secondary residences or buy to let properties, exacerbated by the erosion of tax relief for small scale landlords, has forced many to sell up and vacate the market” she adds. Full/source article