Published: 17/03/2016What does the budget 2016 mean for landlords?
George Osborne announced the Spring Budget 2016, which dealt a double blow for landlords, but was good news for people saving for their first home.
The first blow to landlords is the announcement that the 3% stamp duty increase will also include those who buy more than 15 properties.
Large-scale property purchases were to be exempt from the additional stamp duty tax originally because it was felt it would deter investment in housing projects.
The second blow is regarding capital gains tax, though the tax is down from 28% to 20%, and the basic rate down from 18% to 10%, capital gains on residential property will be subjected to an eight percentage point surcharge, leaving them at the original rate.
Reaction from the private rental sector to the budget was unsurprisingly not favourable.
There was some good news for landlords, however. People who make money from their homes would benefit from a separate £1,000 allowance.
The rent a room scheme allows homeowners to earn £4,250 tax-free from both long and short-term rentals and the allowance increases to £7,500 next month.
Landlords face a lot of problems in today’s economy, but not receiving due rent shouldn’t be one of them. If you are a landlord and you are sick of chasing your tenants for rent month in month out, the estate agents in Turnpike Lane have the perfect solution for you!
Have you heard of Guaranteed Rent?
We are currently offering 3-5 year corporate leases on the following property sizes in any of the areas on our map and most M25 fringes:
• Studio flats
• One bedroom flats
• Two bedroom flats and houses
• Three bedroom flats and houses
• Four bedroom flats and houses
• Five+ bedroom flats and houses
For a free no obligation guaranteed rent quote please call Christopher on 0800 038 5999 with the full postcode and size of your property and he’ll happily quote you a figure over the phone. If you’ve had a Guaranteed Rent quote already we’ll endeavour to beat it! Even if you’re just curious. What are you waiting for? Get dialling!