HSBC BUY-TO-LET GUIDE TO THE UK MARKET
2016-03-27
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The British government will allow one of the parents to stay and work in Hong Kong while his or her spouse could bring their children to study in the United Kingdom, such an arrangement was dubbed the “Astronaut Plan” in Hong Kong.
Below is the summary of measures announced by Chancellor Rishi Sunak in the Budget.
Millions of leaseholders will be given a new right to extend their lease by 990 years. Changes could save households from thousands to tens of thousands of pounds. Elderly also protected by reducing ground rents to zero for all new retirement properties.
STAMP DUTY HOLIDAY FOR PROPERTIES COSTING UP TO £500,000 AND COMPLETED BEFORE APRIL, 2021 IN ENGLAND
The government has temporarily increased the stamp duty threshold to £500,000 for property sales in England and Northern Ireland. First-time buyers will not be taxed if the property is costing £500,000 or less and the legal transaction is being completed before April 2021, more expensive properties will only be taxed on their value above that amount.
According to a recent report, around 5 million UK households, or 21% of the total, are in private rented accommodation. This is set to rise to 5.79 million (or 24%) over the next five years.