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Of course, we thought Jeremy Hunt’s Autumn budget would affect the property world and for me, one of the biggest changes is the halving of Capital gains tax relief, this means that from 2023, the Annual Exempt Amount for capital gains #tax will be cut from £12,300 to £6,000, and then cut again to £3,000 from April 2024. This is bad news for landlords, second homeowners and those looking to sell their property as capital gains tax is applied at a much higher rate for residential property sales.
Another area that could hit landlord pockets is the cut in dividend allowance, this will change from £2,000 to £1,000 in 2023, and then drop further to £500 in April 2024. Many landlords who own properties in Ltd companies and pay themselves in dividends could see their income reduce.
The stamp duty cut announced by Kwasi Kwarteng will remain for a limited time, as the OBR expects housing activity to slow over the next two years. The threshold before stamp duty is paid will stay at £250,000, up from the previous threshold of £125,000 - but now for a time limited period until March 2025.
All in all, we expected a hit somewhere for UK property and this certainly delivers.
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