Autumn Budget 2018: Property

29.10.2018

Caroline Le Jeune, Jennifer McNally, Suzanne Briggs and Robert Pullen provide initial comments on the Autumn Budget 2018

Caroline Le Jeune, partner, commented: “The sale of the family home is usually exempt from Capital Gains Tax. However, reducing the period that continues to qualify for relief once the owner has moved out from 18 to 9 months, is extremely unhelpful when the property market is so slow. This has the potential to bring genuine sales of family homes at least partly within the scope of tax.”
 
Jennifer McNally, director, commented: “The announcement that Stamp Duty relief has been extended for shared ownership homes up to £500k is good news for first time buyers.”

Suzanne Briggs, partner, commented “Loss of letting relief could cost couples £22,400 in tax.”
 
Robert Pullen, partner, commented: “Another Budget and another tax hit for landlords - now the £40k relief on sale will be scrapped, except for rent-a-room properties”
 
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