Diary of a Letting Agent - June 2015

Anyone who works within the lettings industry will say, no two days are the same and this is so true. However, 2015 has been one changeable and challenging year. We have had all the politics between Labour and Conservatives on what might happen in the private rented sector, we have had the Deregulation Bill as well as new legislations coming out all the time.

So, what is hot off the press this month?

Overseas landlords (non-residents) from April 2015 will pay capital gains tax on the sale of their UK property.

Up until now the UK tax loophole allowed overseas investors and British Expats and non-UK residents with UK property, especially those with buy-to-let agreements, which generate income.

This new rule will mean that the sale of a UK property, which currently attracts no UK capital gains tax, could incur a capital gains tax bill in the region of 28% on any gains made after April 6th 2015, depending on your personal circumstances. It may be advisable to have a property valuation on your property now.

The other big news is that David Cameron casually announced the introduction of mandatory licensing. This is somewhat of a bombshell as there was no indication in the Conservatives manifesto of this. Mr Cameron said the following during his speech on immigration,

‘We’ll also crack down on the unscrupulous landlords who cram houses full of illegal migrants, by introducing a new mandatory licensing regime. And, a bit like ending jobs when visas expire, we’ll consult on cancelling tenancies automatically at the same point.

‘It’s not just through housing and jobs; we can track down illegal migrants through the banking system too.’


Have a good week!

Sharon.

Where experience, expertise and knowledge really makes a difference.

If you would like a friendly, no obligation chat regarding any property matter, then please email This e-mail address is being protected from spambots. You need JavaScript enabled to view it or telephone 01202 711169. Don’t forget that Sharon now produces and presents a live weekly property show on Wednesdays 12pm – 2pm on Hope 90.1FM .

www.moveonrentals.com

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