Landlords face a four per cent tax rise on rental income from 2027, Chancellor John Healey has announced.
Tax rates on properties and savings income will increase by a further two percentage points from April next year, in the second successive Budget tax raid after the rise announced by former Chancellor Rachel Reeves last year.
Healey announced the increase during his “breathing space” Budget, where he confirmed a £100 energy payment for all households in council tax bands A to D. He reiterated Labour’s manifesto promise “not to raise tax on working people”.
Speaking in the House of Commons, he said: “I am increasing the rates of tax on income from property and savings by a further two percentage points from April 2027, with no change to tax on income from dividends and tax on income from employment.
Former Chancellor Reeves used her Budget last year to reveal a two per cent increase to the basic, higher and additional rates of property income tax from April 2027.
That means the rate will rise by four per cent next year.
Responding to Reeve’s Budget last year, Kemi Badenoch said the rise on rental income will cause renters to suffer.
“Hiking tax on landlords will only push up rents,” she said. “It will push landlords out of the market. The people who will suffer are the tenants.”
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