Money TipsMoney Tips

Stamp duty holiday extended to June and 95% mortgages set to return

View descriptionShare

As expected, the Chancellor Rishi Sunak has extended the Stamp Duty Holiday for a further three months to help sellers and buyers complete transactions.

Budget Main Points

Covid-19 Support Extended

  • Furlough extended to end of September
  • Government to continue funding 80% of employees' wages for hours not worked
  • Employers to contribute 10% in July and 20% in August and September
  • Support for self-employed to be extended until September
  • 600,000 more self-employed people eligible for help with access to grants widened
  • £20 uplift in Universal Credit worth £1,000 a year extended a further six months
  • Working Tax Credit claimants will get £500 one-off payment
  • Minimum wage will increase to £8.91 an hour from April.

Property Investor Takeaway

  • Stamp duty holiday on house purchases in England and Northern Ireland extended to June
  • No Stamp Duty tax liability on sales of less than £500,000 for residential buyers
  • Mortgage Guarantee Scheme for 95% to be introduced next year.

Economy and Borrowing

  • UK economy plummeted 10% in 2020
  • Economy forecast to rebound in 2021 by 4% 
  • Economy forecast to rebound to pre-Covid levels by mid-22, with growth of 7.3%
  • Over 700,000 people have lost their jobs since pandemic started last year
  • Unemployment expected to peak at 6.5% next year, lower than 11.9% previously predicted
  • UK will borrow a peacetime record of £355bn this year.

Tax

  • Income tax, national insurance or VAT – no changes
  • Personal income tax allowance frozen at £12,570 from April 2022 to 2026
  • Higher rate income tax threshold frozen at £50,270 from 2022 to 2026
  • Corporation tax hiked from 19% to 25% a 30% rise, from April 2023
  • Rate stay at 19% for 1.5 million smaller companies with profits less than £50,000
  • Stamp duty holiday on house purchases in England and Northern Ireland extended to June
  • No Stamp Duty tax liability on sales of less than £500,000 for residential buyers
  • No changes to inheritance tax or lifetime pension allowance or capital gains tax allowances
  • Most people will pay more tax when the effect of frozen allowances kicks in
  • Higher corporation tax rates could deter businesses from investing in the UK.

Business

  • Tax breaks for firms to "unlock" £20bn worth of business investment
  • Firms will be able "deduct" investment costs from tax bills, reducing taxable profits by 130%
  • Incentive grants for apprenticeships to rise to £3,000 and £126m for traineeships
  • VAT rate for hospitality firms to be maintained at reduced 5% rate until September
  • Interim 12.5% rate to apply for the following six months
  • Business rates holiday for firms in England to continue until June with 75% discount after 
  • £5bn in re-opening grants for non-essential businesses worth up to £6,000 per premises
  • New visa scheme to help start-ups and rapidly growing tech firms source overseas talent
  • Contactless payment limit will rise to £100 later this year.

The government will publish full details of these changes over next few days and weeks.

Some property experts expect property prices to rise due to a combination of fiscal stimulus (money printing and government borrowing), stamp duty holiday extension, historically low interest rates and the return of a 95% mortgage free-for-all! 

Property investors should look to new relaxed planning rules being introduced, which will make it easier to convert and repurpose commercial buildings.

A word of caution. 

Printing money on a scale not seen since the Second World War could lead to inflated asset prices (prices of stocks and shares, commodities, property have already risen sharply), higher inflation and higher interest rates. If this happens, the rate on mortgages will rise and this could cause serious financial issues for those borrowers with large mortgages.

Buy right and get the right property training – contact me on FB for free property courses.

Unemployment figures are still high especially for the 18–24-year-olds. Now is the time to learn new skills and think about starting an online business, which can be done with virtually no capital compared to a physical business. 

Have you tried to start an online business, but been let down by software and web developers?

New free game changing system to help launch your online marketing business and change your life…

Free Access to GrooveFunnels - the new best way to build better funnels

- Free for LIFE

- No games. No fine print.

- No credit card needed ever!

- $99/month value… Now free.

- Grab your account while you still can!

The world has changed so much recently.

And during these times, I am always excited whenever I find new solutions to help you in whatever way I can.

I’m sure you’ve heard of software tools designed to help you build websites, sales pages and online funnels.

Because sales funnels are proven to be effective, any such tools could reasonably command high monthly fees to access.

Unfortunately, this could also be out of reach for many business owners and marketers who are on a budget, especially during uncertain times.

This is where GrooveFunnels comes in.

GrooveFunnels is the new, better way to build funnels and sell digital products online.

It’s not just one or two simple tools, or solely a “funnel builder,” either.

This is your complete digital products and services online sales system.

Co-founded by Mike Filsaime, one of the top Internet marketing experts in the world, GrooveFunnels is a suite of products that includes all the tools you need to run your online business.

They have built a complete, all-in-one platform with all the essential tools so you don’t need to worry about multiple subscriptions to a variety of services that would easily add up to thousands per month.

Finally, you can get instant access to practically everything you need to sell your products and services online.

… Including:

- Full product funnels

- Brand websites with full navigation

- Custom domain names

- 1-click upsell capabilities

- Upsells, downsells and order bumps

- The world’s most powerful affiliate program

- And so much more…

Yes, this is a game changer.

And today, for a limited time only, you can get started for absolutely free.

No credit card. Lifetime access. Unlimited usage. Forever.

I’m not sure about you, but I will be switching my entire business over to GrooveFunnels.

Literally everything I need, and save thousands a month in the process.

You’ll have to see it to believe.

Take a closer look at it yourself, and pick up your free account while you’re there:

https://groovepages.groovesell.com/a/uy9VcdqIvopT

 

  • Facebook
  • Twitter
  • WhatsApp
  • Email
  • Download

In 1 playlist(s)

  1. Money Tips Podcast

    427 clip(s)

Money Tips

Welcome to Money Tips by Charles Kelly, author of Yes, Money Can Buy You Happiness.  Charles spent  
Social links
Follow podcast
Recent clips
Browse 427 clip(s)