The property industry was loud in its calls for stamp duty reform in the run up to the Spring Budget, but Chancellor Philip Hammond made no mention of stamp duty in his speech.
In fact, property and housing market issues were not addressed at all by the Chancellor, in what will be the final Spring Budget (going forward there will be a combined Budget/Autumn Statement in November only).
Hammond also remained silent on other issues affecting landlords in particular, such as the letting agents’ fee ban, stamp duty on second homes, and changes to tax relief on buy-to-let mortgages.
However, there was relief for small businesses in light of the business rates revaluations.
The business rate rises will greatly affect businesses in central London in particular. But the Chancellor confirmed that for any business coming out of receiving small business tax relief, bills will not increase by more than £50 per month.
In addition, a £300 million fund will be accessible to local authorities, enabling them to help out businesses in the area which require support as a result of business rate hikes.
Elsewhere in the Budget, the reduction in Corporation Tax will go ahead, while there will also be a delay in the implementation of Making Tax Digital, a generally positive move for landlords.
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