As the Chancellor George Osborne announced that there would be no new property tax for landlords yesterday, many landlords were breathing a sigh of relief.
It was proposed by the Liberal Democrats to introduce a mansion tax to raise cash off prosperous property owners, but the autumn statement shows that they have lost their fight.
Belvoir Lettings in Corby offer a wide range of houses for rent and believe the autumn statement was a relief for landlords. From talking to the landlords on our books here at Belvoir Kettering, many of them feel that the Government does very little to support them and their welfare. Usually the law protects the tenant rather than the landlord, but George Osbourne’s statement was good news for landlords.
“It was great to see him so determined that no property tax was on the way and that no property tax will be considered on his watch.”
Under the original proposals, it was found that introducing a new property tax would prove too expensive because the government would have to spend millions on revaluing the nation’s property stock.
Other than the announcement that the property tax would not be enforced, there was no real benefit to landlords, although everyone would benefit from
The tax free allowance increasing by £1,035 to £9,440 a year from April 2013Higher rate taxpayers earnings before paying income tax at 40% rise to £41,865 from April and 1% more to £42,285 in April 2014.