Don’t be caught out this April in property showers.  Next month is raining property deadlines and start dates. Listed below are some of the things to expect, prepare and brace yourself for. 

• A 2% surcharge – Overseas purchasers will now have to pay an additional 2% surcharge on any property bought in the UK
• Mortgage Guarantee Scheme  – A Government scheme aimed at first time buyers and homeowners that guarantees 95% mortgages for buyers with 5% deposits, up to £600,000 commences
• Making Tax Digital –  The extension deadline comes to an end this month. To avoid penalties VAT registered businesses must now have ‘digital links’ in place
• Inheritance nil rate increase – Marriage couples will now be able to leave up to £1 million tax-free to their direct descendants. The additional IHT free “residence nil rate band” rises to £175,000 this is available on top of the existing IHT free allowance of £325,000. This means you will be able to leave £500,000 free of inheritance tax. To qualify a property must have been lived in at some point by the deceased, and be passed onto direct descendants.
• The Government Property Conference –  Scheduled for the 22nd – expect a lot of back slapping from industry professionals and discussions around a greener way of living to achieve net zero.
• Mandatory Electrical checks – Introduced back in June 2020, it previously only applied to new tenancies but as of this month, landlords and agents can be held responsible for ensuring that all electrical installation inspections are carried out on existing tenancies.  These will need to be updated by a qualified professional every 5 years