Here is everything estate agents and property owners should know in April 2023.
Changes to eviction notice periods for anti-social tenants:
Property owners will be given more power to deal with anti-social tenants. The government has stated that property owners can now reduce the eviction notice to just 2 weeks. You can read more about this: Anti-Social Behaviour Action Plan.
Scotland: rent cap rules since 1 April
There have been changed to the rent cap rules in Scotland since 1 April 2023. Property owners can now increase rents by 3% or up to 6% for certain prescribed costs.
Energy Performance Certificate (EPC) updates delay:
The government had aimed for all private rented homes to have an EPC rating of ‘C’ by 2025. However, this may be delayed to 2028, but this still has not been confirmed. This delay may be beneficial for property owners as it will give them time to plan the upgrades and spread the cost of those upgrades over the course of the next five years.
Changes to capital gains tax from 6 April:
Property owners who sell their properties are required to pay capital gains tax. Capital gains tax is based on the difference between the price of the property originally and its value when sold.
Some of this profit can be tax-free. However, the tax-free limit is going to be reduced from £12,300 to £6,000 in the 2023-2024 tax year, from 6 April 2023. This means property owners will be paying tax on more of their profit.
The information in this post is valid to the best of our knowledge on the date of posting. It is advised that you seek independent advice based on your individual circumstances.
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