Typically in the run-up to a general election property buyers and sellers sit on their hands. The market gets stunned into stagnation and estate agents might as well take a month or two off.
Budget time is always a time when the team at Agri Advisor are focused, and often apprehensive, about the changes that will affect our clients, and this year was no different.
LandlordZONE
One such review likely to concern landlords and property owners was around the tax and allowances of
Furnished Holiday Lets (FHLs). These policy changes are a reaction to the increasing number of homeowners using sites like Airbnb to make additional income on their homes.
Owners of FHLs receive a number of tax reliefs and allowances, providing that they meet the criteria set by the government. For example, properties that qualify as a FHL are subject to business rates instead of council tax. Business rates are cheaper, as they are deemed to be commercial premises, and the majority of FHLs are also viable for small business rates relief. This means that you could end up paying no rates at all.