Both Section 8 and Section 21 Tenant Evictions Notices are now NO LESS THAN 3 MONTHS - applies from 26th March 2020
The PIMS Tenancy Agreement complies with the Tenant Fees Ban June 2019
His speech of just over an hour pulled few punches about the state of the economy, but was very much ‘steady as we go' rather than pulling in surprise tax rabbits out of the hat.
In reality, the deficit has left Osborne little room for wide ranging changes – and it's likely most people will feel financially worse off come the tax changes already announced for April.
For property investors, little has changed.
The tax-free income tax personal allowance will rise to £7,475 on April 6 2012 and by a further £630 to £8,015 in April 2012.
For the next tax year, starting April 6, income tax will be charged at:
Savings First £2,560 after personal allowance
£0 – £35,000
£35,001 – £150,000
Landlords will start paying 40% tax when their gross earnings for the year hit their tax-free income tax coding plus the two lower rate bands of tax.
For example, a landlord with the maximum tax coding of 747L will pay 40% tax on earnings over £42,475 (£7,475 + £35,000).
The Chancellor stated he viewed the 50% income tax rate as ‘temporary' but did not propose a date when the rate will cease.
For landlords claiming mileage costs at the approved rate, from April 6, they can claim at 45p per mile instead of 40p for the first 10,000 miles and 25p for any extra mileage.
Corporation Tax for companies with profits of under £300,000 will fall by 1% to 20% from April 1.
Stamp duty for high value properties is under long-term review – but without any hint of what a high value property may be or the taxes are involved. This is likely to cover stamp duty on £1 million plus properties, though.
For portfolio property investors, stamp duty will be charged an average value of each property subject to a minimum rate of 1% per property rather than on the highest rate on the total value of the portfolio.
This means buying 6 properties valued together at £1.2 million will attract stamp duty of £10,000 (average value of £200k x 1%) rather than £60,000 (£1.2 million x 5%)
No announcements were made in the Budget, but the tax rules are set to change from April 6, when the qualifying criteria become more restrictive and the ability to set off trading losses against other income is lost.
Entrepreneur Relief for capital gains tax applies to furnished holiday lets – the lifetime limit is upped from £5 million to £10 million in the Budget.
Annual exempt amount up to £10,600.
Flat conversion relief scrapped after 2012.
Immigration Act revised 2016 should a landlord or letting agent fail to ensure ALL tenants/occupiers have a righto reside for the duration of the tenancy then they may be fined £3000 for each breach. The Secretary of State may instruct the landlord to remove such persons without the need of a court order by way of reasonable force
Labour market enforcement - restriction on illegal migrants to work. A labour market enforcement undertaking (an “LME undertaking”) is an undertaking by the person giving it (the “subject”) to comply with any prohibitions, restrictions and requirements set out in the undertaking
Under section 42 of the County Courts Act 1984 it is possible for the Court to transfer a matter from the County Court to the High Court for enforcement but leave (permission) of the Court is required first. The transfer time varies from court to court and can take up to 28 days, but normally takes far less. An application to seek permission can be made either at the time of making the possession claim or after possession has been ordered.