Budget 2016: Property round-up George Osborne's 2016 Budget aims to encourage solid, steady growth. He has made a particular effort to appeal to small businesses and the self-employed. Here is a round-up of the announcements made about the property sector:
Budget 2016: Property round-up
George Osborne's 2016 Budget aims to encourage solid, steady growth. He has made a particular effort to appeal to small businesses and the self-employed.
Here is a round-up of the announcements made about the property sector:
•Boost housing by speeding up planning and zoning.
•The additional levy of 3% on SDLT for those buying additional properties in the UK was confirmed, with larger property investors also included in these new charges. Click for more info.
•Life Time ISAs will be introduced to help those under 40 years old save for a deposit for a property or for their pension. For every £4 saved, the Government will match it with £1 – giving those with these accounts a 25% bonus on their savings. People will be able to save up to £4000 per year up until the age of 50.
•£1,000 tax free allowance for those who make money from online trading and letting their property – perhaps renting out their driveway or their home while they are on holiday.
•Commercial property stamp duty changes include 0% up to £150,000, 2% up to £250,000 and 5% top rate above £250,000. There will be measures to help those who have exchanged but not completed by the time this measure comes in at midnight tonight. Buyers of commercial property up to £1.05m will pay less in stamp duty.
•Feel-good factors that might lead to increased spending include an increase in business rate relief from £6,000 to £15,000 from April next year (higher rate from £18,000 to £51,000). The abolition of Class 2 national Insurance will be welcomed by the self-employed. The tax-free personal allowance will rise from next year.
•Improved infrastructure projects will increase commutable distances and property prices should ripple up accordingly. Freezing fuel duty will also help commuters and businesses.