Earlier this afternoon, Chancellor Philip Hammond presented the 2017 Spring Budget. What does this mean for the UK Real Estate market?
The key announcement for property owners and occupiers is about business rates.
The next business rates revaluation is due very shortly, in April 2017. There has been a lot of concern amongst businesses that this will lead to increased bills that they can ill afford. The government has announced £435 million of support for businesses facing significant increases in business rates. Further measures include:
In 2016, the government announced an aim to deliver more frequent revaluations of properties – at least every three years. It has stated that it will set out its preferred approach for delivering on this in the Autumn 2017 budget.
The decision to delay the reduction in the time period allowed for filing a Stamp Duty Land Tax return and paying any duty from 30 days to 14 days is very welcome. This is to be delayed until 2018-19.
In the energy sector, the budget announcements do not lead to any immediate changes. Further details on carbon prices for the 2020s will be set out in the Autumn budget. The Levy Control Framework is to be replaced by a new set of controls, which will be set out later in the year. We will continue to monitor these developments and report on them.
Other announcements that will be of interest to those in the real estate market include:
Contributor: Alexandra Holsgrove Jones
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