header-logo header-logo

Home Login E-newsletter About us
12 April 2024 / Chris Gaunt , Caroline Styan
Issue: 8066 / Categories: Features , Profession , Tax , Property
printer mail-detail

The Spring Budget & the property market

© Copyright LexisNexis 2026. All Rights Reserved.
167812
The Spring Budget brought several tweaks to property taxation & CGT, which are likely to impact the wider real estate market, write Chris Gaunt & Caroline Styan

With his Spring Budget last month, Chancellor Jeremy Hunt announced significant changes to the way the government will tax property, as well as to capital gains tax (CGT). These are likely to have wider ramifications throughout the real estate market. Below, we set out the main adjustments, as well as providing insight on their expected impact.

Capital gains tax

CGT in the higher tax band is to decrease from 28% to 24% from 6 April 2024. The lower rate will remain at 18%. This measure is applied to disposals of residential properties which are not an individual’s primary residence. Private residence relief (PRR) will continue to apply on disposals of main residences.

According to the government’s policy paper ‘Capital gains tax rate on disposals of residential property from 6 April 2024’, cutting the rate of CGT ‘is expected

To access this full article please fill the form below.
All fields are mandatory unless marked as 'Optional'.
If you already a subscriber to New Law Journal, please login here

MOVERS & SHAKERS

Read All
Sponsored by
WSP Solicitors—David Ashcroft & Jessica O’Shea

WSP Solicitors—David Ashcroft & Jessica O’Shea

Commercial property and child law teams expand with senior hires

Duxton Hill Chambers—Lucas Bastin KC & Joshua Hiew

Duxton Hill Chambers—Lucas Bastin KC & Joshua Hiew

Set expands London and Singapore offering with senior international disputes hires

Gilson Gray—Gregor Duthie & Stephen Forsyth

Gilson Gray—Gregor Duthie & Stephen Forsyth

Firm strengthens real estate and litigation teams with partner promotions

NEWS
Read All
NLJ this week: Burnout behind the billable hour
Behind the profession’s polished exterior, lawyers are ‘internally drained rather than physically tired’, according to a stark assessment of burnout in legal practice
NLJ this week: Domestic abuse reforms still falling short
Five years after the Domestic Abuse Act 2021 came into force, concerns remain that the family courts continue to minimise allegations of abuse in child contact disputes
NLJ this week: Uber’s legal shield faces scrutiny on both sides of the Atlantic
Uber has built a formidable strategy for insulating itself from liability for drivers’ conduct, but the legal terrain differs sharply between the US and England and Wales
NLJ this week: Hereditary peers era finally comes to an end
The House of Lords (Hereditary Peers) Act 2026 marks a constitutional watershed by severing the centuries-old link between hereditary titles and automatic membership of the upper chamber
NLJ this week: Is it finally time to scrap Part III?
The Civil Justice Council’s review of Part III of the Solicitors Act 1974 could mark the end of what one commentator calls an ‘outdated’ and overly technical regime governing solicitor-client fee disputes
Copyright © 2026 LexisNexis
back-to-top-scroll