From April 1st, significant changes to Stamp Duty Land Tax (SDLT) will take effect, particularly impacting first-time buyers. The nil-rate threshold for first-time buyers will decrease from £425,000 to £300,000, with a 5% rate applying to properties priced between £300,001 and £500,000. Additionally, the maximum property value eligible for first-time […]
Last week’s Autumn Budget included an unexpected 2% increase in the UK’s second home surcharge, raising it from 3% to 5%. The Chancellor latest step will discourage second home ownership, aiming to create more opportunities for prospective homeowners. Another stamp duty change from the Labour government – the end of the temporary nil rate increase […]
If you have an empty house for any reason, whether you’ve inherited it or you’ve moved into another property and your current one is on the market, then you don’t want to be paying tax on the property, of course. However, this doesn’t mean that you simply avoid paying it, […]
The abolition of Multiple Dwellings Relief (MDR) following Chancellor Jeremy Hunt’s Spring Budget, has brought into sharp focus the additional costs for investors when they purchase multiple properties in the UK. Property buyers now have to pay an increased amount of tax, with investors now having to purchase six or […]
With several tax changes taking effect in April, experts reveal what this will mean for renters and landlords – including how these changes may impact property insurance in the future. Matthew Harwood, home and lifestyle expert at Confused.com home insurance, said: National Insurance charges “Firstly, the compulsory Class 2 National Insurance […]
When somebody passes away, their estate becomes subject to either selling or transferring ownership. The specifics of how this is done can depend on certain individual factors. If the person were a joint tenant, the other tenant would immediately claim their share. This is known as the Rule of Survivorship. […]
Paperwork, paperwork and more paperwork! Whether you are buying, selling or both buying and selling a house, you know that paperwork plays a very large role in the process. One of the more important are the deeds of a house. What are deeds, where are they kept and why is […]
In recent years it has been clear to see there has been a rise in the number of properties that are left to stand empty or have been abandoned. Such is the problem; the government has brought forward a proposal called ‘Right To Regenerate’ which would allow people to convert […]
It was once said that the only certainties in life are death and taxes, but while this might be true, understanding those things is not always easy, especially if you are a property investor. If property is an income stream for you, then there are a number of different tax […]
In identifying ways to cover the considerable costs brought about by the pandemic of 2020, Chancellor Rishi Sunak has suggested a substantial raise in the amount of tax levied on capital gains. Higher-rate taxpayers will be amongst those who are hit hardest, if this report is to come to fruition. […]
