2018 Budget: Property Essentials

November 02, 2018

Commercial Property

2018 Budget: Property Essentials


Philip Hammond, Chancellor of the Exchequer, delivered the 2018 Autumn Budget on 29 October 2018. Here we look at some of the points likely to be of interest to our property clients:

Taxation
First time buyers SDLT relief, introduced in the 2017 Budget and applicable where a first-time buyer purchases a property costing £300,000 or less, will be extended to benefit first time purchasers of shared ownership properties.

Following consultation, tax relief is available on the gross income individuals receive from letting out a room, provided that the property in which the room is let is the individual’s only or main residence.

 

Business Rates
For two years from April 2019 retail properties with a rateable value below £51,000 will enjoy a one third (1/3) cut in business rates. This reduction will benefit up to 90% of retail properties currently liable for business rates.

The government intends to consult on the criteria under which second homes become chargeable to business rates rather than council tax.

Transport and Infrastructure
The Roads Investment Strategy 2, with an estimated £25.3 billion spend, will continue to work on projects such as the Oxford to Cambridge expressway.

A new East West Rail Company, established in December 2017 will accelerate the development of the central rail link between Cambridge and Bedford, with enabling works for the Western section of the railway, from Bedford to Bicester, to continue.

Source: Autumn Budget 2018

posted by Kate Garrow | November 02 2018