News Archive October 2024

The government has raised Stamp Duty Land Tax (SDLT) for landlords to 5% on properties purchased up to the £250,000 threshold. Previously this rate was 3%, a huge increase when considering the value of properties.
Increased tax liability will discourage many small landlords from entering the market or cause existing landlords to increase their rental portfolio.

Chancellor Rachel Reeves announced changes to the rates of Capital Gains Tax (CGT) in the Labour government's first budget since coming to power.

However, the Chancellor has announced that the capital gains tax on the sale of buy-to-let properties and second homes will not be changed.

The new energy price cap in the UK, which sets the maximum rates an energy company can charge for gas and electricity, took effect on October 1, 2024. This cap will run until the end of December 2024, when a new, higher, or lower cap will be introduced.