Tax bills for the average landlord when they sell could go up by £6,000 to £16,000, new data shows
Tax bills for the average landlord when they sell could go up by £6,000 to £16,000, new data showswould see landlords quickly selling up to avoid increasing their tax bill by up to £16,000 for the average buy-to-let home.under pressure to close what it has stated is a £22bn gap in public finances, has promised not to touch income tax, national insurance or VAT.
Unearned income is largely something accrued by wealthier people, as those with less money struggle to build up wealth and assets.It won’t affect day-to-day profitability, but it will affect how much money is made when people sell up. Research by the estate agency group Hamptons has calculated that the average landlord gain when they sell is roughly £100,000.
“Where we do think the budget is going to have an impact on landlords is concerning the ones who were thinking of selling their homes anyway,” says Aneisha Beveridge, head of research at Hamptons. “Faced with paying more tax, they may make the decision to bring the sale forward.”
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