Key Points for Landlords from the November Budget
Stamp Duty has been axed for first time buyers on purchases up to £300,000 - economists say this is likely to cause a slight increase in house prices
Local Authorities have been granted powers to charge 100% Council Tax Premium on empty properties (up from 50% currently) - potentially impacting landlords with void periods
Reform of Universal Credit payment system which should reduce arrears for tenants on benefits in private rented accommodation
A consultation has been launched on encouraging longer term tenancies but no incentives offered yet
Unincorporated property businesses can now deduct motoring expenses using fixed rates per business mile instead of using actual petrol costs
Corporate indexation allowance has been frozen from 1 Jan 2018 - meaning landlords holding property in companies will now pay Corporation Tax on profits from capital gains driven by inflation. Genevieve Moore of Blick Rothenberg predicts "businesses should be prepared for an eventual abolition of the relief in future and plan accordingly".
Local Authorities have been granted powers to charge 100% Council Tax Premium on empty properties (up from 50% currently) - potentially impacting landlords with void periods
Reform of Universal Credit payment system which should reduce arrears for tenants on benefits in private rented accommodation
A consultation has been launched on encouraging longer term tenancies but no incentives offered yet
Unincorporated property businesses can now deduct motoring expenses using fixed rates per business mile instead of using actual petrol costs
Corporate indexation allowance has been frozen from 1 Jan 2018 - meaning landlords holding property in companies will now pay Corporation Tax on profits from capital gains driven by inflation. Genevieve Moore of Blick Rothenberg predicts "businesses should be prepared for an eventual abolition of the relief in future and plan accordingly".
