Landlords will be hit with a tax hike on their rental income in a bid to raise an estimated £500 million a year for the Treasury.
Chancellor Rachel Reeves used her Budget to reveal a two per cent increase to the basic, higher and additional rates of property income tax from April 2027.
This will see the tax rates rise to 22, 42 and 47 per cent respectively.
The Office for Budget Responsibility said this tax rise is estimated to yield £500m a year on average from 2028-29.
It had been trailed ahead of the Budget that Reeves was planning to hit landlords with higher taxes to raise revenue.
And the decision was confirmed in the OBR document, which was accidentally published before Reeves stood up to make the announcement.
The move will spark fears that landlords will pass the increase onto their tenants and came as Reeves also revealed she was imposing a mansion tax of up to £7,500 a year on homes valued above £2m.
Hence then, the article about landlords face 2 tax rise on rental income was published today ( ) and is available on inews ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( Landlords face 2% tax rise on rental income )
Also on site :
- Aura AI Assistant for Unreal Engine Launches: VR Studio Ships Game in Half the Time with New Agent Capabilities
- Man accused of placing pipe bombs near GOP and Democratic headquarters in Washington to remain in jail pending trial
- FDA Clears BrainSpace Intellidrop, an automated neuro device that addresses ICU nursing shortages and builds training data for Physical AI