The chancellor Jeremy Hunt, who is currently delivering his 2024 Budget Statement has just announced that property gains tax reduced from 28% to 24%. He says the move is predicted to increase revenues as there will be more transactions.
He has also announced that the government is abolishing stamp duty relief for people buying more than one dwelling.
Additionally, the chancellor says he will scrap tax breaks which make it more profitable for second home owners to let out their properties to holiday makers rather than to long-term tenants to rent.
Hunt says he will abolish the furnished holiday lettings regime.
More to follow…
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