Rob discusses the recent budget announcement and its implications for business taxes and the housing market. Key highlights include an increase in national insurance contributions for firms, a rise in the stamp duty surcharge on second home purchases from 3% to 5%, and a boost to the affordable homes budget by £500 million. Rob examines the potential impact of these changes on landlords and property investors, particularly regarding their willingness to purchase additional properties.
KEY TAKEAWAYS
BEST MOMENTS
"Firms are to pay national insurance on workers' earnings above 5,000 pounds from April 2025... with the rate also increasing from 13.8% to 15%."
"The stamp duty surcharge... is to go up from 3% to 5%. By the time you listen to this podcast, that increase has already been put into effect."
"Analysts say this could affect landlords' willingness to buy more properties. If the supply of rental properties is squeezed, that could mean rents rise for tenants in the remaining homes."
"The current affordable homes budget... has been boosted by 500 million pounds. Time will tell if that’s the best thing to do."
"It is just a numbers game. It's not a death knell. It's not all doom and gloom. It just creates more opportunities."
VALUABLE RESOURCES
https://www.bbc.co.uk/news/articles/cx25w7qpr0yo
https://www.bbc.co.uk/news/articles/cdxl1zd07l1o
https://www.gov.uk/government/news/chancellor-to-unlock-housing-in-first-budget
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