1st
Mar 2021
Landlords currently buying properties who are concerned they may not make the March 31 stamp duty holiday deadline have received some good news - there’s likely to be an extension.
The Times was given an exclusive that Chancellor Rishi Sunak is very likely to extend the tax break until June 30th so that homebuyers and landlords would not miss out on the tax savings, because of the somewhat laboured transaction processes which could affect over 100,000 buyers, many of which are landlords.
This will hopefully be announced in the Chancellor’s Budget on Wednesday 3rd March.
However it has not yet been specified if the extension will be for three months and whether it will just be applicable to existing current purchasers or would include new buyers of properties up to £500,000.
It has been reported that the business rates holiday for the hospitality, leisure, the retail sector and the furlough scheme could be extended alongside the hospitality and tourism VAT cuts.
The Times feature also reports that it could be likely the Chancellor will announce a rise in Corporation Tax during the current government’s s term over the next four years.
The paper suggests that Corporation Tax could rise from its present 19% rate up to 25% during the government’s term.
However, the article does not include any speculation around Capital Gains Tax following last year’s Office of Tax Simplification report which suggested that it should be increased to ‘mirror’ income tax, making it extremely bad for landlords hoping to maximise profits when selling any of their properties.
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