Jackson-Stops comments on the Autumn Budget 2024

Nick Leeming, Chairman of Jackson-Stops, comments on the Autumn Budget 2024 delivered 30 October by the Chancellor of the Exchequer.

“Today’s Budget misses a key opportunity for broader stamp duty reform—a sentiment shared by one in four people across the UK, and by a third of those aged 65 and over.

“A targeted downsizing incentive would have been a forward-thinking approach, encouraging older homeowners to move to smaller homes without incurring high tax burdens.

“This would help free up family-sized properties for growing households and create a more balanced housing market.

“With one in three people over 65 calling for change to this burdensome tax, it’s clear that today’s Budget could have gone further to address the broader needs of the housing market and to create a more fluid property chain.

“We do however welcome the Chancellor’s decision to leave Capital Gains Tax (CGT) on residential property and buy-to-let properties unchanged.

“With supply already tight across the rental market, increasing CGT would have likely discouraged landlords from maintaining or expanding their portfolios, adding further upward pressure to rental prices and impacting affordability for renters.

“We also welcome the government’s recognition of the critical role of the ‘bank of mum and dad’ in helping younger generations onto the housing ladder through the extension of the frozen inheritance tax threshold to 2030.

“With increased tax burdens potentially limiting the ability of families to support their children in homeownership, the government must continue to consider how it can best support prospective homeowners through meaningful housing strategy.”

Kindly shared by Jackson-Stops