During his 2024 Budget Statement, Chancellor Jeremy Hunt has declared a drop in capital gains tax from 28% to 24%. He anticipates that this adjustment will lead to an increase in property deals and, consequently, tax revenue.
In addition, the Chancellor has stated that stamp duty relief for the purchase of second properties will be discontinued.
Moreover, Hunt plans to eliminate certain tax advantages that current owners of secondary homes enjoy, which gives them more profit when renting out these homes as holiday accommodations rather than as long-term rental properties.
Hunt intends to do away with the furnished holiday lettings tax rules.
