- Landlords face higher bills from next year after Chancellor Jeremy Hunt slashed the annual threshold for Capital Gains Tax from £12,300 to £6,000 next year and £3,000 from April 2024.
- Although a rise in CGT didn’t materialise, he followed the Office of Tax Simplification’s advice to reduce the tax-free allowance by more than half – a move that property experts then warned could spark a mass exodus of landlords from the market.
- In his Autumn statement, the Chancellor also announced that stamp duty cuts announced in the mini-Budget in September would remain, but end on 31st March 2025, creating an incentive to support the housing market by boosting transactions.
- Predecessor Kwasi Kwarteng raised the threshold to £250,000 and for first-time buyers, to £425,000 – cuts panned by mortgage brokers as a catalyst for stimulating an overheated property market.
Source: Landlordzone