Property tax rules are tightened

The Exchequer is expected to collect an extra £3 billion in inheritance tax over the next five years as a result of rising house prices.

But it is also taking new steps to increase the tax take from landlords, by reducing the length of time (from 36 to 18 months) that sellers can deduct from the taxable period of ownership, with an expected hike in the amount of capital gains tax landlords will pay. And in another tax-raising measure, the Chancellor has announced that UK expatriates owning properties in Britain will pay capital gains tax on profits when they sell.