British Property Award Winner 2017
“The planned rise of Capital Gains Tax may not be as extreme as many had anticipated, but it still comes with little consideration for the needs of landlords. Because of this, the Chancellor risks driving those landlords paying the higher rate of tax from an already very fragile housing market, at a time when they should be actively encouraged to stay and, ideally, further invest.
“In particular, neglecting to include rollover relief is a big gamble, as many landlords will now be penalised by CGT – and hit by Stamp Duty – when they sell one rental property and purchase another. This may further disincentivise some landlords from remaining in the Private Rented Sector (PRS) and negatively impact the overall supply of rental property.
“The PRS represents an extremely important part of the housing market, providing much-needed flexible and affordable housing to the UK. With this rise in CGT, the Government is taking a huge risk in destabilising the future supply of homes to the UK”
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Is Lewisham next for the Hoxton and Dalston effect?