In today’s Spring Budget announcement, Jeremy Hunt revealed plans to decrease the higher rate of property Capital Gains Tax from 28% to 24%. 

Capital Gains Tax is levied on properties when an individual earns a profit from selling a property that is not their primary residence. This tax is applicable when selling various types of properties, including buy-to-let properties, so a reduction is a good thing for landlords looking to sell.

In addition, the Chancellor announced the Abolishment of Stamp Duty Land Tax (SDLT) Relief which was originally introduced to support the bulk purchase of homes to help the supply of property to the PRS, reporting that it served to benefit purchasers of estates containing multiple properties, which was not its intention.

An end to the Furnished Holiday Letting tax cuts from April 2025. The furnished holiday letting regime involves special tax rules for rental income from properties that qualify as furnished holiday lettings. This together with the introduction of holiday/short let licencing schemes aims to reduce the oversupply of holiday/short lets and increase the number properties into the longer term residential market.

Today’s announcement also included a Reduction in National Insurance Contributions (NICs), with the contribution rate decreasing by 2p from 10% to 8% of pay. This move provides benefits for landlords and tenants.

Ello Property aims to help landlords further.

Managing rental properties can often feel like navigating a maze of regulations and responsibilities. However, with Ello’s easy-to-follow step-by-step guide to property management, landlords can now navigate this landscape with confidence and ease.

With over 20 years of industry experience, Ello is proud to unveil its innovative approach to rental property management.

Did you know: Ello features in the UK’s Top 100 Property Blogs. https://uk.feedspot.com/uk_property_blogs/?feedid=7264141