Summer Budget update

Chancellor George Osbourne, has announced a series of measures impacting on the property industry, including:

Buy To Let landlords to have mortgage interest tax relief restricted to the basic rate (20%).

Rent-A-Room tax relief increased to £7,500 pa.

An increase in the inheritance tax threshold to £1m for married couples by 2017.

Making council and housing association tenants in England who earn more than £30,000 - or £40,000 in London - pay up to the market rent.

Confirming the introduction of a Help To Buy ISA and extending Right To Buy for housing associations, plus new planning reforms to be announced on Friday.

Non-doms with residential property will pay same tax as UK owners and permanent non-dom tax status will be abolished (coming into effect in April 2017).

Increasing HMRC’s powers to pursue tax avoidance, including that conducted by overseas-based companies operating in the UK.

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