IN THE COUNTRY &TOWN Welcome to
Creating the inspiration to move
No Rabbits
This Autumn Budget was like no other, because the leaky lead up to it had a negative impact on the property market and the wider economy. So much uncertainty was generated in recent months and many people simply shut down and did nothing. So the Budget day is over and people can now plan their property moves and investments with the knowledge of what’s to come as a result if this Budget. There were no rabbits pulled out of the hat and the only surprise was that the government’s financial position is nowhere near as bad as had been suggested in the run-up.
Property & Taxes
Landlords were further impacted if their investment property is held by them as an individual as opposed to a limited company. From April 2027, property income (e.g. rents), as well as savings and dividend income, will be taxed 2 percentage points higher than today.That brings property income tax bands to 22%, 42% and 47%. The Budget stops short of replacing or abolishing Stamp Duty Land Tax (SDLT). Stamp duty remains in place for now, despite earlier speculation. The so called “mansion tax” has now arrived and it’s worth remembering that Labour previously voiced this intent back in 2019 and in part it impacted on them losing that General Election. In early 2025 rumours abounded about a forthcoming “mansion tax” and for the remainder of this year the top end of the market has been on hold. Now we know that for owners of high-value homes, a new “mansion tax” — formally a high-value council tax surcharge — was confirmed. From April 2028, properties
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valued at £2 million and above will face an annual surcharge.
The tax will differ depending on the value of a property and will be determined by the following four bands.
£2 million to £2.5 million– You will pay £2,500. £2.5 million to £3.5 million– You will pay £3,500. £3.5 million to £5 million – You will pay £5,000. More than £5 million - You will pay £7,500.
Published by Kilbricken Publishing and John Joe Photography Limited,Telephone: 07470 707275, email jjtopshot@outlook.com, web johnjoe.co.uk. Publishing 2022 - All rights reserved. Reproduction is forbidden except by express permission of the publishers.The content of this magazine is believed to be correct but its accuracy is not guaranteed and it does not form part of any offer or contract. John Joe Limited cannot accept responsibility for any omissions or errors.
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