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PROPERTY SUMMARY of the AUTUMN BUDGET - Good news but it leaves a lot to be desired... đŸ€”

Stamp Duty Land Tax (SDLT)
➡ There was no mention of the outdated Stamp Duty Land Tax system 🛑
➡ Government has missed the opportunity to reshape it to reflect rising house prices and remove some of the market distortions it causes 📊
➡ Latest Stamp Duty calculator here: https://lnkd.in/dE5_N8C đŸ”

New homes
➡ £1.8 billion fund for brownfield homes, enough to bring 1,500 hectares of brownfield land into use ✅
➡ Plus £11.5 billion for 180,000 affordable homes 💰
However, this is NOT new money - it was announced over a year ago đŸ€·‍♀
💬 Timothy Douglas of ARLA Propertymark - "Only 32,000 of these homes will be social rented – a mere third of what is needed. Simply not enough when council waiting lists are predicted to almost double to 2.1m by next year." 🆘

Removal of unsafe cladding
➡ £5 billion to remove unsafe cladding from highest risk residential buildings 🏹
➡ Funded through a Residential Property Developers Tax levied on developers with profits over £25m at a rate of 4% đŸ’č
➡ 31 housebuilders made that much profit in 2019 🏗

Reforming the court system
➡ No review of court system to deal with volume of possession hearings đŸ‘©‍⚖
➡ An estimated 62,000 just in England and Wales 📜

Rental debt funding
➡ £65m funding for those in rental debt 💰
➡ Provides some support but not for most of the 4 million low-income households having trouble with household bills 🆘
➡ This money is only targeting those who are most at risk of homelessness â

Capital Gains Tax
➡ No rise in CGT ✅
➡ 30-day reporting extended to 60-days 👍
💬 Ali Baylav MD at Cavendish Residential - "Landlords are already being SQUEEZED... An increase in CGT could lead to them selling up, therefore less suitable homes for Tenants... and there's already a shortage." 🏡
➡ For more info on CGT, read more here: https://lnkd.in/dsbdkGUV đŸ”

Inheritance Tax
➡ No reform here đŸš«
💬 Guy Gittins (Chestertons Chief Executive) - "Inheritance tax has, in real terms, been increasing since then as average UK house prices have risen by 70%. Given that for most people, the bulk of their inheritance is the property they live in rather than an investment this seems an unfair burden.” đŸ€”

🙋‍♀ Has the Budget had a negative impact on you as a Landlord or Tenant? For the best advice, contact our EXPERT team đŸŠč‍â™€ïžđŸŠž‍♂

☎📧🗹

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Cavendish Residential - Lettings and Estate Agent in Nottingham City Centre! Award winning - contact us today! 

Posted 29 October 2021
by Ali Baylav Managing Director Cavendish Residential

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