Welcome to August’s market report, where we cover the following topics.
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PORTSMOUTH OAP HOMEOWNERS TO FACE £17,456 CORONAVIRUS TAX BILL?
The Government is on track to borrow £400bn because of Coronavirus and that needs to be paid back at some stage. Last year alone, before Coronavirus, the Government brought in £824 billion in taxes whilst they spent £887 billion, meaning they had to borrow £63 billion. In fact, the last time taxes were higher than spending in the UK was 1998, meaning since then the country has been living beyond its means….
1,492 PORTSMOUTH PROPERTIES SOLD IN STAMP DUTY HOLIDAY BONANZA
On the 8th of July 2020, the Chancellor announced the first £500,000 of any property bought was exempt from stamp duty until 31st March 2021. This also included buy to let landlords (although they would still need to pay the additional 3% stamp duty level for second properties). Talking to many of you Portsmouth homeowners, I know lots of you are bringing forward your home moving plans to take advantage of this tax cut. Also, many Portsmouth portfolio landlords are looking to save paying the tax by bringing their portfolio purchases forward. Yet how do you ensure you sell and buy your Portsmouth property whilst the tax cut applies (a saving of up to £15,000 of stamp duty on your next Portsmouth home?).
Contact us today to find out more.