I Am An Accidental Landlord What Should I Do?

Posted on: 25 January 2020

I am An Accidental Landlord What Should I do?
The Government have decided to put forward a plan to stop tax relief for a landlord that once had a main home bu decided to rent due to either inheriting, moving for work, moving marry a partner.
 
There are around 500,000 of these landlords that could be hit by the taxman for £1,000's. From 6th April 2020, this tax bill will give the Treasury £470 million over 5 years. Which I would think is much needed money.
 
At the moment, you can move out of the property 18 months before selling the property and you would still be exempt, the new plans will be shortened to 9 months.
 
The other change relates to when a landlord sells their home after renting it out the lettings relief they are allowed is £40,000 of their gain from capital tax. While a couple is £80,000.
 
We at GBP Estates feel this could lead to house sales for landlords rushing to sell before April. For your FREE valuation of your rental property call Julie James on 01708 504455.
 
 

#lettings #propertymanagement #landlords #rentalproperty #romford #torent #investmentproperty #homeowners #taxbill #taxrelief #forsale #valuation #housing
 

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