Chancellor Jeremy Hunt did, however, announce a string of property tax changes, including a cut in the higher rate of capital gains tax for residential properties from 28% to 24% from April 2024. The Government also said it will remove an incentive for landlords to offer short-term holiday lets rather than longer-term homes. Henry Jordan, director of home at Nationwide Building Society said: “As an organisation whose purpose it is to support people into a home of their own, we are disappointed that the Chancellor hasn’t announced any substantial measures to support first-time buyers in today’s spring Budget. Kate Smith, head of pensions at Aegon, said: “First-time buyers and those using Lifetime Isas (Lisas) to save for their retirement will be disappointed that the Chancellor didn’t take the opportunity to modernise the Lisa rules. “Omitting a modernisation agenda for Lisas from the Budget is a missed opportunity particularly for those aspiring to be first-time buyers.”Kate Steere, housing expert at personal finance comparison site finder.com said: “The Chancellor has missed another opportunity to improve the conditions for first-time buyers.

Source: The Times March 06, 2024 15:58 UTC