Posted on 10th February 2016
More than 50 local property specialists eased into 2016 with a mix of business and pleasure at the first Sussex Property Alliance meeting of the year.
Myhotel in Brighton was the venue for the networking event, but there was also insight from Carpenter Box chartered accountants on the effect of far-reaching taxation changes on the horizon for the sector.
Robert Dowling, Head of Construction and Real Estate at the firm, spoke about the impending introduction of increased stamp duty charges for second homes and how tax relief on finance costs will be restricted for residential landlords from April 2017. Rules governing the reporting of rental profits within individual incomes are also changing, and could not only lead to increased High Income Child Benefit Tax (HICBT) charges but also push some taxpayers into a higher tax bracket.
Said Robert: “These changes will impact significantly on both the tax position of individuals and on the wider buy-to-let market, and we expect to see demand in this sector cooling as economic reality begins to bite; either that or rents will start to rise to compensate. Individual investors need to start planning now for the future, which could involve realising existing assets or adopting a different tax strategy, such as wrapping property within a company, although this should not be done without taking advice first.”
SPA members also heard from Robert Alner from Jelf, who explained how the company provides specialist insurance solutions for the property sector.
For more information about the Sussex Property Alliance, contact Lucy Tunstall at Carpenter Box (firstname.lastname@example.org).
"I am delighted to have a long-standing relationship with the BHBPA. Since its foundation the Association has gone from strength to strength and there is no doubt that it has brought huge benefits to its members and the business community as a whole through the partnerships it has formed with the local authorities, Sussex Police and local organisations. It is paramount that Burgess Hill businesses have an effective collective voice."
"This association was started with a lot of effort from a few local businessmen and has proved to be a very powerful and useful tool for our business. The BHBPA has influence at the top level; when action is needed, the BHBPA gets it done. We are kept in touch with all that is happening on our doorstep and will often act because of what is published in the weekly emails / newsletters."
"“We have been members of BHBPA from its inception, and seen the organisation steadily grow and expand into the dynamic entity it is today, bringing positive benefits to all its members.""
"The BHBPA is an energetic and vocal organisation that connects and empowers and informs the local business community acting as an effective conduit to local authority and other organisations. We are proud to be part of that community and the association."