Last year was a whirlwind for property investors, and this year looks likely to be jam-packed too. Because of this, Platinum Property Partners look into a few dates we should all be aware of in 2019!
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1. HOMES ACT
When: 20th March 2019
The Bill, passed at the end of 2018, changes the Landlord and Tenant Act 1985 to ensure that residential rental properties are maintained adequately and are 'fit for human habitation'. It also includes amendments to the Building Act 1984 to confirm liability for work undertaken on residential rental property that doesn't meet Building Regulations. There are no new obligations for landlords under this Act and therefore there's no need to worry about this, but we think it may be interesting to keep an eye on. You can read more about it here.
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2. BREXIT
When: 22nd May 2019
The dreaded B-word. Up until now, the UK had been set to leave the EU next Friday, on the 29th March. Now, two new dates have been offered by the EU.
22nd May - If MP's approve Theresa May's Brexit deal next week, then the UK will leave the group of countries on this day.
12th April - If MP's reject the deal, then the UK will need to leave the EU on this date with no deal or have decided a new plan by then.
The media has whipped the nation into a frenzy with reports of an economic catastrophe, but no matter what date - will it cause the next property crash? No. Will it create a short-term wobble? Possibly. Should it affect your investment decisions? We think not.
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3. HIGHER TAX THRESHOLD
When: 6th April 2019
Your tax-free personal allowance - the amount you earn before you start paying income tax – will increase by £650 to £12,500. The higher-rate tax threshold will also be increasing on this date too; so whereas you’ll be paying 40% tax if you earn £46,350 or more right now, as of the 6th April, this won’t kick in until you earn £50,000 or more.
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4. TENANT FEES BAN
When: 1st June 2019
When the government announced a plan to ban letting fees across England, it was with the intention of saving tenants millions of pounds, and to promote a more transparent letting process. While there have been rumblings of costs being passed on to landlords, or even on to tenants through increased rents, it’s unlikely to have a major effect on property investment businesses but something to aware of in the property investment industry as a whole.
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5. AUTUMN BUDGET
When: October 2019
Will there be any more strings in the tail for landlords? Will there be a U-turn on stamp duty? Nobody knows what’s ahead (aside from the usual cabinet disagreements), but it’s always worth tuning into the chancellor’s budget to see if anything will affect your personal or business finances.
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PPP will be watching closely to see how all of these dates play out, but should you have any questions in regards to these or Platinum Property Partners more generally, please do not hesitate to contact the team on 01202 652 101.
