Cutting taxes is the key theme of the Spring Statement delivered by The Chancellor, Rishi Sunak, and VAT on the installation of energy-saving materials in residential properties will be cut to zero per cent.
The Chancellor of the Exchequer's Autumn Spending Review and Budget provided clarity on measures affecting the property industry which have been announced over the last three-six months including the levy on developers re unsafe cladding. Other factors announced affecting property agents provide some good news, however, it leaves a lot to be desired.
HM Treasury has released its ‘Tax Day command paper’ designed to allow further scrutiny on tax announcements that would normally take place during the budget.
The Chancellor has listened to Propertymark’s calls to avoid a cliff-edge deadline to the Stamp Duty Land Tax holiday in the UK Government’s budget, today, 3 March 2021. The nil rate band up to £500,000 will end on 30 June, instead of March. A transitional nil rate band up to £250,000 will be in place until September and then return to £125,000 from October.
Propertymark has responded to the UK Government’s fundamental review of business rates to include the continuation of rates relief for retail premises and the introduction of an online sales tax.