What will i pay
Up to £ 500,000 zero
Next £ 425K 5%
Next £ 575K 10%
The remaining 12%
Above prices are for properties bought between 8amth July 2020 – 31st July 2021. *
For investors, the rental market could well pick up as the cost of buying such a property in England and NI has dropped significantly. However, there are reservations as the additional SDLT surcharge of 3% on the full price paid still applies. The transaction tax on land and buildings in Scotland remains at 4%.
Prices for additional properties
Up to £ 500,000 3%
Next £ 425K 8%
Next £ 575K 13%
The remaining amount is 15%
The next 6 or 7 months will tell us the story of whether or not these tax breaks worked. There will no doubt be some initial home sales for first-time buyers, but the buy-to-let market may not be as buoyant. Landlords have been hit hard in recent years, and many now believe this is no longer the attractive offer it once was. For example, a capital gain tax on land owned by landlords must now be paid within 30 days of the sale being completed. With a capital gains tax of up to 28%, investment may not look as rosy as it used to be, certainly outside of London where growth is not at the same level. Will this tax increase? The UK will face challenging times due to Brexit and the pandemic and landlords have been in the hot seat for several years.
When choosing a rental property, it is important to make the right purchase to get the insurance policy to protect that investment. We are a UK wide broker and can cover even the most difficult risks. Talk to one of our consultants who will make you an excellent offer. Give us a call 0800 085 3761 or just fill out an online form for a quote.
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