Budget 2016: No immediate influx of houses onto the market

Budget 2016: No influx of houses onto the market

Jo Bateson, Tax Partner at KPMG, comments on the residential capital gains tax rate and its impact on the housing market.

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Commenting on the residential capital gains tax rate Jo Bateson, Tax Partner at KPMG, commented:

“George Obsorne has once again targeted buy-to-let landlords by maintaining the current capital gains tax rate of 28% on all residential property while cutting the rate for most other assets to 20%.

“Given that this is due to come into effect from 6 April 2016, there is no incentive for homeowners to sell and therefore we are unlikely to see an influx of houses coming on to the market in the near term. What we are going to see however, is another penal tax rate being applied to landlords.”

Ends

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KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such. 

Budget 2016

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