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Philip Hammond spent some time during his announcement on UK housing issues to provide a firm commitment to assist ownership for the next generation and to ensure that more homes are built in the right places.
To assist first time buyers in getting on the housing ladder, the Chancellor announced the abolishment of Stamp Duty on first time buyer property purchases up to £300,000. In more expensive areas such as London, it will be available on the first £300,000 for properties valued up to £500,000. This means that 80% of first time buyers will pay no Stamp Duty at all.
This is positive news for those saving for their first home and a high proportion of first time buyers will pay no Stamp Duty at all.
Within the documents it was also confirmed that a further £10 billion is being committed to the Help to Buy Equity Loan scheme, which is expected to support a further 135,000 people to buy their first home.
The introduction of fixed rate mileage expenses for landlords has been announced.
This will allow landlords the choice to use fixed rates per business mile to calculate their allowable deductions for motoring expenses, instead of deducting actual running costs and claiming capital allowances. It will not be available to landlords who are companies or in mixed partnerships.
This measure which will have effect from 6 April 2017 will simplify tax computations for unincorporated property businesses who choose to use mileage rates.
The introduction of the 30-day payment window between a capital gain arising on a residential property and payment of the tax liability will be deferred until April 2020.
To align the UK with other countries and remove an advantage which non-residents have over UK residents, all gains on non-resident disposals of UK property will be brought within the scope of UK tax. This will apply to gains accrued on or after April 2019.
Currently non-residents are generally only potentially liable to capital gains tax on the disposal of UK residential property or on assets used in a business in the UK. This measure extends the potential capital gains tax charge to all immovable property in the UK.
Whilst the recent budget didn’t throw up any significant headline announcements for our Manufacturing Sector, there were various items outlined which should have a positive impact on the sector, including: Research & Development
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