Could a storm be coming Landlords? I’m sure that’s the questions on all you property peep’s minds as we head alarmingly quickly towards the Chancellors Autumn statement.
The Storm That Already Happened
In the last 12 months Landlord’s have been kicked pretty damned hard, through tough changes in mortgage interest rate relief and the increase in stamp duty land tax.
It’s not been particularly pretty and it certainly puts another edge on buying property. Not only do you have to have a lot more cash to buy so that you can pay for that top up in SDLT. Moreover if you own a property in your own name and you have a big mortgage you are probably right about now expecting to be taxed ALOT going forward (I assume for some this will wipe out any profit completely).
Furthermore the draft clauses for the Finance Bill 2017, following George Osbourne’s ‘Make Tax Digital’, are about to be published. This could see private Landlord’s having to do tax returns quarterly…
But, we (the collective as Landlords) are dealing with it. Yes, we are up in arms, but we are also weathering the storm. They are unwelcome changes, but changes which seem to be here to stay nonetheless.
Could A Storm Be Coming?
Well, we will all have to be watching in anticipation on Wednesday (23rd November). As a Landlord it’s something that you should keep interested in and make sure you are fully aware of. To be honest Philip Hammond hasn’t made that many noises about the private rental sector. So personally I’m unsure what will happen. But I have my fingers completely crossed that there aren’t too many big blows that may see all of our recently changed plans fall out the window… I’ll be watching and I hope you will be too.
What are your thoughts on this Autumn Statement? Did you even realise it was coming (to be honest with everything else that’s been going on I had forgotten about it, which is why I wrote this blog as a reminder)? Let me know in the comments section below. If you liked it don’t forget to like and share it around!
NC
