Napier Watt Logo
Valuation
Menu
Mar 2024

What the Spring budget changes mean for landlords

What the Spring budget changes mean for landlords

The recent budget was likely to be one of the last the current Chancellor will give in the light of a General Election occurring before the end of 2024.

The top key takeaways from the Spring Budget for landlords include a change to the tax cuts for holiday homes and multiple dwellings meaning that holiday let landlords could lose an average of £2,835. The aim for this clampdown would be, according to the Chancellor, to avoid the “distortion of not enough properties to rent for local people.”

It was also announced that the higher rate of property Capital Gains Tax will reduce from 28% to 24%. Capital Gains Tax applies to properties when a person makes a profit on selling a property that is not their main home. Examples include when selling buy-to-let properties, business premises, land, and inherited properties.
The Spring Budget also abolished multiple dwellings relief (MDR). This was available for people who buy more than one residential property at a time. Originally introduced to minimise any barriers when investing into property, it’s likely this relief will affect larger landlords and the buy-to-let sector the most. Stamp Duty Land Tax Multiple Dwellings Relief will be abolished from 1 June 2024.

Share with friends and family
Recent news articles
Getting ready to move?

Find out how much your property is worth today by booking a valuation with one of our expert team and see where it takes you. You could be pleasantly surprised.

Call us today on +44 (0)20 7935 0011
Book a valuation
You have the castle… We have the strategy.

Ask the prime central London property experts.

Call us today on +44 (0)20 7935 0011
Book a valuation
Some kind words from our clients…

“Thank you Jonathan and the whole team at Napier Watt for marketing and executing the sale of Buckingham Mews so brilliantly.”

“Fawne in the property management team was extremely efficient and helpful in resolving a number of issues we had at our property – very professional.”

“Very Professional!!
Great list of properties they have. Really made the moving in process very easy and quick.”

“The team did a great job in finding a reliable buyer for my property within a short space of time. The sale went through smoothly Will be instructing them again on my next property.”

We use cookies on this website. You are free to manage cookie settings via your browser at any time. To learn more about how (and why) we use cookies, please take a look at our Privacy Policy.

Ok, got it!