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.
Sunak’s Autumn Budget announced funding for new homes building, redevelopment of brownfield land, and removal of dangerous cladding.