In today's Budget announcement there were some very interesting developments for the property industry.

Here are a few headline points:

  • £5 billion to remove dangerous cladding from high rise buildings. This is partially to be funded by a new Residential Property Developers Tax (to be introduced in April 2022) to be levied on developers with profits over £25 million at a rate of 4%.
  • £65 million to improve the English planning system, including digitisation.
  • A business rates reduction of 50% for the retail, hospitality and leisure sectors in 2022-23, up to a maximum of £110,000.
  • Following a recommendation from the Office of Tax Simplification, the deadline to report and pay Capital Gains Tax (CGT) for UK residents selling UK residential property and for non-UK residents selling any property will increase from 30 days to 60 days after completion.