2024 Spring Budget Update.

property investors network Podcast

In today's podcast, Mark discusses the latest updates on the Spring Budget.
For higher-rate taxpayers, the capital gains tax has been reduced from 28% to 24%. This tax only applies to individuals who have purchased the property in their name. However, buying it under a LTD Company removes this tax.
VAT is a threshold; if you earn or profit £85,000 or more in your business, you are required to pay 20% on that amount. This threshold does not apply to landlords, but it does apply to businesses. It is better to stay below the threshold as you can still lead a comfortable life, and you would not lose a significant amount of money.
Previously, when purchasing a portfolio or a block of flats, landlords were exempted from paying stamp duty. Unfortunately, this exemption has been scrapped. Nevertheless, there are ways around this, such as buying properties under LTD companies. This way, you do not need to pay any stamp duty.
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