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Sunday, May 10, 2015


David Cameron’s better-than-predicted success in the polls will generally be seen as good news for owners of London property, as it will remove many of the uncertainties that have affected the property market over the past few months.

 

Story sourced from chestertons.com


A Conservative Government will mean:

  • No Mansion Tax
  • No rent controls or mandatory landlord registration scheme
  • No further changes to Council Tax or Stamp Duty
  • No crack-down on Non-Dom status
  • Raising of the Inheritance Tax threshold to £1m
  • Extension of the Help to Buy Equity Loan and Mortgage Guarantee schemes
  • Introduction of a new Help to Buy ISA

For landlords, the following reforms may apply:

  • Allow tenant subletting
  • Extend right-to-rent checks nationally
  • New rules to prevent revenge evictions
  • Continue to limit councils’ power to license local landlords

So what do these changes mean for the London property market?

  • Buyers and sellers of properties around and above the £2 million mark will be relieved that there will be no Mansion Tax, and this end of the market is expected to see increased activity almost immediately.

  • Mortgage markets will likely benefit as interest rates are set to remain low for some time.

  • Households with concerns about Inheritance Tax should welcome the Tories’ promise to raise the single person allowance from £325,000 to £500,000 and the married couple/civil partner allowance from £650,000 to £1m.

  • First-time buyers will benefit as Help-to-Buy should be extended and a new Help-to-Buy ISA introduced.

 

The unexpectedly swift and decisive outcome of this election has done much to lift the clouds of uncertainty and unpredictability that have dogged the property market across the first quarter of 2015. While there will still be regulatory changes to consider and challenges to be identified and overcome, they will be a lot more manageable and less far-reaching than they could have been.

 

Text sourced from chestertons.com


posted by FairHomeTax Team  10.05.15 11:56





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The Campaign for Fairer Tax on UK Homes is run by Howard Cox, the founder of the FairFuelUK Campaign.  Howard Cox is a staunch campaigner for stimulating the economy, motivating consumers and fighting unfair taxation. FairFuelUK, is the Nationally Recognised Award Winning Campaign fighting for lower petrol & diesel prices and is widely accredited with stopping £30 billion of road user taxes being levied on businesses & public in this Parliament. Without FairFuelUK prices at the pumps would be over £1.60 per litre. Its time for all Parties to recognise that the family home is not the tax cash cow for their spending aspirations. A property taxation reform is long overdue.