Julie and John Macrae, a retired couple from Essex, fear they may have to sell their boat to fund their retirement. This comes after the couple, who invested in 60 buy-to-let properties, expressed concerns over the new financial measures announced by Chancellor Rachel Reeves.
Impact of Labour’s Budget
In her first budget, Reeves introduced several measures to address a £22 billion gap in public finances. These included new levies on private jet use, scrapping the non-dom tax status, and increasing the top rate of capital gains tax. She also raised taxes on the profits of private equity managers.
Property investors express concerns
Ahead of the budget announcement, many property investors voiced their worries. A survey found that 77% were concerned about potential tax increases, particularly on capital gains. Many were also anxious about the proposed abolition of Section 21 ‘no-fault’ evictions, included in the Renters’ Rights Bill, which could limit landlords’ control over tenant management.
Rising costs and regulations
Landlords have also raised concerns about potential new energy efficiency standards for rental properties, which could further impact their finances.
Julie and John’s story
Julie and John Macrae, who own 60 rental properties in Colchester, shared their frustration with The Telegraph. They are worried they may need to sell their boat, which they had planned to use for a dream voyage around the world, to cover their retirement expenses. They feel abandoned by the government’s new policies.
It’s safe to say that sympathy is in short supply…
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