{"id":26327,"date":"2024-04-11T11:47:22","date_gmt":"2024-04-11T10:47:22","guid":{"rendered":"https:\/\/smh.group\/?p=26327"},"modified":"2024-04-11T14:05:16","modified_gmt":"2024-04-11T13:05:16","slug":"increase-in-number-of-buy-to-let-owners-selling-up","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/increase-in-number-of-buy-to-let-owners-selling-up\/","title":{"rendered":"Increase in number of buy-to-let owners selling up"},"content":{"rendered":"<p><strong>Starting 6 April 2024, the <a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/chartered-accountants\/taxation\/capital-gains-tax\/\" target=\"_blank\" rel=\"noopener\">capital gains tax (CGT)<\/a> rate for selling residential properties will be reduced by 4%, from 28% to 24%. Despite this decrease, most landlords choosing to sell will encounter a higher CGT bill than they would have two years ago.<\/strong><\/p>\n<p>Buy-to-let landlords may be selling because of the implications of the Renters Reform Bill, while furnished holiday homeowners will see their advantageous tax benefits removed from April 2025.<\/p>\n<h3><strong>Higher CGT bills<\/strong><\/h3>\n<p>Landlords will generally be worse off despite the 4% rate cut, because it generally doesn\u2019t compensate for the recent reduction of the annual exempt amount from \u00a312,300 to \u00a33,000.<\/p>\n<ul>\n<li><strong>Basic rate taxpaying sellers: <\/strong>will be worse off as the lower rate for gains falling within the basic rate tax band is unchanged at 18%.<\/li>\n<li><strong>Higher\/additional rate taxpaying sellers:<\/strong> with a gain of less than \u00a368,000, will be worse off; such as newer landlords who have benefited from less price growth and northern landlords where property values are generally lower.<\/li>\n<\/ul>\n<p>Only higher and additional rate taxpayers with a gain in excess of \u00a368,000 will find themselves better off.<\/p>\n<h3><strong>Already sold up<\/strong><\/h3>\n<p>Landlords who have already sold their property and face a CGT liability at the previous higher rate of 28% could consider a risky strategy of potentially benefiting from the 4% rate reduction \u2013 by deferring the gain through an enterprise investment scheme (EIS). The gain will come back into charge when the EIS investment is realised.<\/p>\n<p>There are two main risks associated with this plan:<\/p>\n<ul>\n<li><strong>EIS investment risk:<\/strong> some or all of the investment could be lost; and<\/li>\n<li><strong>CGT rate change: <\/strong>the rate of CGT could go up again by the time the gain comes back into charge.<\/li>\n<\/ul>\n<p>While not worth it solely for the rate reduction, this is a useful bonus if considering an EIS investment for the 30% income tax relief.<\/p>\n<p><a href=\"https:\/\/www.gov.uk\/tax-sell-property\" target=\"_blank\" rel=\"noopener\">HMRC\u2019s guide to tax when you sell property can be found here.<\/a><\/p>\n<div id=\"post-26323\" class=\"post-wrap clearfix post-26323 post type-post status-draft format-standard has-post-thumbnail hentry category-chartered-accountants\">\n<article>\n<div class=\"entry-wrap\">\n<div class=\"entry-content\">\n<p>For more information, contact our\u00a0<a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/chartered-accountants\/\"><strong>Yorkshire and Derbyshire based Accounting &#038; Business Advisory<\/strong><\/a>\u00a0can assist on\u00a0<strong>0114 266 4432<\/strong>\u00a0or\u00a0<a href=\"mailto:info@smh.group\"><strong>info@smh.group<\/strong><\/a><\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Starting 6 April 2024, the capital gains tax (CGT) rate for selling residential properties will be reduced by 4%, from 28% to 24%. Despite this decrease, most landlords choosing to sell will encounter a higher CGT bill than they would have two years ago<\/p>\n","protected":false},"author":4,"featured_media":26328,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3,175],"tags":[248,69,11],"class_list":["post-26327","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","category-residential-mortgages","tag-buy-to-let","tag-capital-gains-tax","tag-hmrc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Increase in number of buy-to-let owners selling up - SMH Group<\/title>\n<meta name=\"description\" content=\"Buy-to-let owners may be selling because of the implications of the Renters Reform Bill, while furnished holiday homeowners will see their advantageous tax benefits removed from April 2025.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Increase in number of buy-to-let owners selling up - SMH Group\" \/>\n<meta property=\"og:description\" content=\"Buy-to-let owners may be selling because of the implications of the Renters Reform Bill, while furnished holiday homeowners will see their advantageous tax benefits removed from April 2025.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/increase-in-number-of-buy-to-let-owners-selling-up\/\" \/>\n<meta property=\"og:site_name\" content=\"SMH Group\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-11T10:47:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-11T13:05:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2024\/04\/canva-propert-to-let-by-nicholas-free.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"648\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Brendan Hall\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Brendan Hall\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/increase-in-number-of-buy-to-let-owners-selling-up\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/increase-in-number-of-buy-to-let-owners-selling-up\/\"},\"author\":{\"name\":\"Brendan Hall\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\"},\"headline\":\"Increase in number of buy-to-let owners selling up\",\"datePublished\":\"2024-04-11T10:47:22+00:00\",\"dateModified\":\"2024-04-11T13:05:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/increase-in-number-of-buy-to-let-owners-selling-up\/\"},\"wordCount\":334,\"image\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/increase-in-number-of-buy-to-let-owners-selling-up\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2024\/04\/canva-propert-to-let-by-nicholas-free.webp\",\"keywords\":[\"buy to let\",\"Capital Gains Tax\",\"HMRC\"],\"articleSection\":[\"SMH Accounting &amp; Business Advisory\",\"SMH Residential Mortgages\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/increase-in-number-of-buy-to-let-owners-selling-up\/\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/increase-in-number-of-buy-to-let-owners-selling-up\/\",\"name\":\"Increase in number of buy-to-let owners selling up - 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