An Autumn Statement Summary for Landlords from Jameson and Partners estate agents in Altrincham

Autumn Statement Summary for Landlords


Autumn Statement Summary for Landlords

Following the Chancellor of the Exchequer’s recent Autumn Statement, we look at some of the announcements which may affect landlords. Read on for a brief summary of the points agreed in this statement.
We hope this will be helpful when planning for the new financial year.

  1. Capital Gain Tax Relief Allowance – Annual Exemption for capital gains tax reduced from £12,300 to £6,000 for April 2023 and to £3,000 from April 2024.
  2. Stamp Duty Discount Remains Until March 2025 – No stamp duty for the first £250,000, previously £125,000.
  3. Social Housing Rent Cap – 7% increase cap for 2023 – 2024; with otherwise expected increases at the rate of inflation at around 11%.
  4. Dividend to be Cut from 2023 – Dividend allowance to be cut from £2,000 to £1,000 in 2023, and to £500 in April 2024. This will affect landlords hold their rentals in a limited company.
  5. Top rate income tax threshold reduced – the 45% income tax bracket will be reduced from £150,000 to £125,140.
  6. Income, national insurance and inheritance tax allowances frozen until 2028 – Meaning as property prices and incomes rise with inflation, a greater tax liability will develop.
  7. National Living Wage Rise – from £9.50 per hour to £10.42 per hour for those over 23 from April 2023.
  8. Employer National Insurance Threshold Frozen until 2028 – Meaning as wages increase, this contribution will increase.
  9. Energy Price Guarantee Extended for 12 months – The current price guarantee extends until April 2023, this ruling allows for another 12 months from April, with an increased average household cost of £3000 per annum.
  10. Additional Cost of Living Payments in 2023 – £900 to households on means tested benefits; £300 to pensioner households; £150 to those on disability benefits; £1 billion in funding for household support.

Have any announcements in the Autumn Statement affected you? We are here to help local landlords. For assistance with any other landlord services matters, contact our lettings specialists today.