Your April Newsletter 2024

We hope you had a good Easter Bank Holiday. April marks the start of a new tax year, with upcoming changes including a reduction in Capital Gains Tax and a raise in Local Housing Allowance. We also may hear more traction on the long-awaited Renters (Reform) Bill.

Renters (Reform) Bill makes traction

The Renters (Reform) Bill may be going back to the House of Commons during the middle of April for the third and final reading before moving to the House of Lords.

The final stage will cover the new possible amendments to section 21, no-fault evictions and any other possible delays to the bill.

Local Housing Allowance rises while Capital Gains Tax reduces

From the beginning of this month, the Government will raise LHA. People on universal credit or housing benefit will gain about £800 per year.

Meanwhile, landlords will be charged less due to changes in Capital Gains Tax.

The Spring budget reduced tax from 28% to 24%. The new rules meant that landlords could claim Capital Gains Tax relief, and count profits from the rent for pension purposes.

Leasehold and Freehold Bill goes through parliament

The

Leasehold and Freehold Reform Bill is on its way to becoming law, and will go through the Committee Stage this month. The bill is currently generated controversy. Initially ground rents were set to be effectively abolished, becoming ‘peppercorn’. However, in March 2024 following a consultation on the Leasehold and Freehold Bill, it was reported that Michael Gove, Secretary of State for Levelling Up, Housing and Communities, may abolish the introduction of “peppercorn” rates.

The Revive Property