The recent exchange rate of Pound Sterling has been the lowest for decades. The interest rate has also been the lowest for decades.
The economic performance is expected to be the lowest in the years ahead.
The unemployment situation is anticipated to be the worst in decades.
How then will the property market fare? Is this the opportune moment to buy?
Yes, but only for selected developments in preferred areas.
Stamp Duty Land Tax (SDLT) rates on residential properties are high.
A higher rate of 3% may have to be added to the applicable rates if the buyer owns a residential property anywhere in the world. Purchases of residential property by limited companies can attract stamp duty of 15%.
Current income tax basic rate is 20%. Higher rate of 40% for the portion of net chargeable income above 50,000 pounds.
Inheritance Tax is charged at the rate of 40% on the part above the threshold of 325,000 pounds, the standard rate of inheritance tax relief.
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