As October approaches, Chancellor Rachel Reeves is set to unveil Labour's first budget - and the implications for owners of high-value properties and second homes could be substantial. With £40bn of public finances to address (up from an initial £22bn), significant changes to property-related taxation appear inevitable.
The current economic landscape presents a unique situation:
However, several proposed budget measures could significantly impact the profitability of future property sales.
Update: In the last few days, the Guardian has reported that Rachel Reeves will not change the rate of CGT on second homes. Instead, she will focus on other forms of taxation, such as Inheritance Tax and Pension Tax relief.
With these changes looming, the period between now and April 2025 presents a crucial window for high-end property owners to:
In this complex landscape, working with experienced estate agents who understand the nuances of high-value properties has never been more important. The right agent will:
Don't wait until after the budget announcement. Start your sales preparation now to maximise your position before these changes take effect.
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Don’t Forget: We’ll provide a detailed analysis of the announced measures immediately after the budget. Subscribe to our updates to receive expert insights tailored to high-value property owners.
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Picking the right estate agent is vital for a successful sale. GetAgent makes choosing simple. Discover the best performing agents in your area.
It takes 2 minutes.
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