This week, the chancellor offered some temporary relief from the ravages of the additional tax burdens shouldered by landlords and investors over the last few years, for those that can still afford to invest.
- Full SDLT Exemption for purchase prices up to £500,000 until the end of March 2021;
- This includes waiver of the second home additional tariff of 3% up to the same amount;
- Subsidies of up to 2/3 of the cost of home energy efficiency improvements, chiefly:
- Loft Insulation
- Double Glazing
- Cavity Wall Insulation
Read more about it here… https://news.rla.org.uk/housing-and-sunaks-summer-statement/
These are all welcome steps to improve the housing stock standards and boost the economy through property transactions.
Unfortunately nothing here to support landlords without the means to take advantage of this, but for those that can, the perfect opportunity grow and improve your real estate asset base.
However, if you are lucky enough to be operating your property through a limited company structure, then an excellent funding vehicle for your improvements and purchases is the Covid-19 Bounce Back Loan Scheme, which will lend you up to 25% of your company turnover, interest free for Year 1 and no redemption penalties.