Until April 2020 UK taxpayers were only required to declare Capital Gains Tax (CGT) on an annual self-assessment tax return. Since then, taxpayers disposing of a UK residential property are required to calculate, report and pay any applicable CGT within 30 days of completion of the sale.
The Chancellor announced a new policy to support homebuyers who can only afford a five percent deposit with a mortgage guarantee. The scheme is not applicable when buying second homes or buy-to-let properties.
On 7 January 2021, the UK Government announced reforms with the intention of making it easier and cheaper for leaseholders to buy their homes in England.
At the UK Government’s Budget on 3 March 2021, the Chancellor announced that the £500,000 Nil Rate Band will not end on 31 March 2021 but will be extended and end on 30 June 2021.
The Generation Buy Scheme will give first-time buyers the chance to take out a long-term fixed rate mortgage of up to 95 per cent of the value of the home.
The First Homes scheme proposes to introduce a 30 per cent discount for first time buyers who, will ‘save around £100,000 on the price of an average new-build property’ according to the UK Government.
On 30 September 2020, the UK Housing Minister launched a new digital service to help homeowners improve the energy performance of their homes and cut their energy bills.
The UK Government have introduced a plan to allow homeowners and landlords to apply for vouchers from a £2 billion scheme to help fund the cost of upgrading the energy performance of their homes.
At the Budget 2018, the UK Government announced plans to introduce new rates of Stamp Duty Land Tax (SDLT) for purchasers of residential property who are not resident in the UK.
In light of the Grenfell fire tragedy, measures to reform building safety were announced in the Queen’s Speech on 19 December 2019 which have led to the creation of the Draft Building Safety Bill.
An amendment has been made to the Town and Country Planning (Use Classes) Order 1987, to make significant changes to the Use Classes system in England.
The UK Government consulted on planning reform to make it simpler to create more homes, jobs and choice in town centres. The additional stories legislation is part of a wider drive to update the planning system and increase housing stock and will apply to England only.