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Chancellor Abolishes Stamp Duty Relief and Cuts CGT

The chancellor Jeremy Hunt delivered his 2024 Budget Statement on 6 March, announcing that capital gains tax is to be reduced from 28% to 24%. He says the move is predicted to increase revenues as there will be more property transactions.

He has also announced that the government is abolishing stamp duty relief for people buying more than one dwelling. Additionally, the chancellor says he will scrap tax breaks which make it more profitable for second home owners to let out their properties to holiday makers rather than to long-term tenants to rent.

Below is a list of the announcements in more detail.

Stamp Duty Land Tax
Instead of relief from stamp duty, the government promised to abolish stamp duty relief. Multiple Dwellings Relief, which was introduced to those buying more than one house in a single transaction, has been taken away.

Intended to support investment in the private rented sector, Hunt said an external evaluation found “it was being regularly abused”.

Non-dom tax status abolished
Hunt has promised to replace the current tax regime for non-domiciled people who live in the UK and pay tax on UK earnings, while maintaining a main home overseas. The move is one that may cause consternation in London’s prime property sector, who rely on overseas investment to sell the capital’s most expensive homes. 

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