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Spring Budget 2024 – Safeagent reaction

6th March 2024

During today’s Budget statement, the Chancellor announced the abolition of the furnished holiday lettings scheme from 6 April 2025. The higher rate of capital gains tax on property sales will also be reduced from 28 to 24 per cent from next month.

Reflecting on today’s news, safeagent’s chief executive, Isobel Thomson, said:

“The abolition of the furnished holiday lettings scheme was expected and may bring an increase in supply for the private rented sector with landlords turning from short-term lets to longer-term tenancies. However, we would argue that it isn’t enough on its own to incentivise landlords to remain in the market and encourage new entrants.

“Indeed, the Chancellor suggested that the reduction of the higher rate of capital gains tax on property from 28 to 24 per cent would increase revenue for the Treasury as it would encourage more transactions. But if more landlords are persuaded to leave the sector, there is a risk that this could push up rents further, making it even more difficult for hard-pressed tenants.

“We want action now to increase the supply of much-needed rental property. There seems to be a lack of practical measures which will not take years to come to fruition, such as a plan to bring some of the many empty homes back into use.”

To read full details of the Spring Budget, please click here.

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