Capital gains tax

Capital gains tax

In the latest Spring Budget 2024, the government has decided to drop the higher property capital gains tax rate to 24%. This move is aimed at encouraging second homeowners to sell their properties, which could potentially help to ease the housing crisis and stimulate the property market.

Impact on Property Owners

Property owners who were considering selling their second homes may now find it more financially beneficial to do so, thanks to the lower capital gains tax rate. This change could lead to an increase in the number of properties available for sale, providing more options for potential buyers and potentially stabilizing property prices in the long run.