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Chancellor George Osborne has announced the following:

•Capital Gains Tax for those on basic rate tax will remain at 18%

•CGT for those on higher rate tax will rise to 28% from midnight tonight (22nd June)

•Housing Benefit to be reformed - maximum payments to be £400 per week for a four-bed house or larger

•Allowances to be reinstated for holiday lets

RLA chairman Alan Ward comments:

“The omission of taper relief from the Budget will work against landlords who have held property for a longer period. The increase in property value will largely be accounted for by inflation. The lower rates of CGT are little compensation for this tax on inflation.

“Restricting the higher rate to 28 percent for higher rate tax-payers is better than feared, but will cause some complications where property is jointly held by husband and wife landlords.

“We are pleased the Chancellor has reinstated the allowances for holiday lets and look forward to pursuing the case with his department that this should be extended to all rented residential accommodation.

“The measures to promote job creation in the regions will have a positive effect on the PRS – private residential sector – which is the primary provider of short term housing.

“The review of Housing Benefit will required consideration in detail, but we welcome the review and hope the opportunity will be taken to restore tenants’ rights to choose direct payment of allowances to landlords.”

We are very interested to hear your comments.

22/06/2010 00:00

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