Autumn Budget 2024: What Property Investors and Developers Should Expect
As the 30 October 2024 Budget approaches, speculation is mounting around potential tax changes, many of which could significantly impact the property industry. Here’s a quick breakdown of what the property sector should prepare for:
Stamp Duty Changes:
The 0% stamp duty threshold for first-time buyers is set to revert from £425,000 to £300,000 by March 2025, while for other buyers it will drop from £250,000 to £125,000. There are calls for these thresholds to remain high, but as of now, no extension is confirmed.
Capital Gains Tax (CGT):
Property owners and investors should brace for potential CGT hikes, with some experts predicting a possible alignment of CGT rates with income tax. This could significantly affect those selling buy-to-let properties or second homes.
Pensions and Inheritance Tax (IHT):
Discussions suggest that IHT might be extended to pension pots, which could change estate planning strategies, particularly for high-net-worth individuals investing in property
The property industry thrives on proactive planning. Now is the time to discuss potential impacts and opportunities stemming from these changes. Let’s ensure we’re ahead of the curve!
At LoftyAccounting, we specialise in advising property professionals through every tax challenge. Reach out to our team for tailored advice!
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