• Extra 3% stamp duty on additional property purchases to start 1st April 2016
• The top rate of commercial SDLT has increased by 1%;
• Despite consultation, government has decided against exempting large-scale investors from the 3% SDLT surcharge on additional residential properties;
• Business rates reforms, including an extension of small business rates relief, an intention to move to revaluations every three years, and linking increases to CPI rather than RPI;
• Plans to restrict the tax deductibility of interest, as recommended by the OECD, will be implemented in April 2017;
• The Carbon Reduction Commitment Energy Efficiency Scheme will be abolished and replaced with an increase in the Climate Change Levy;
• Devolution deals, including elected Mayors, have been agreed for East Anglia, the West of England and Greater Lincolnshire;
• HS3 will go ahead, as well as major road upgrades, and funding will be provided to explore options for a tunnel road between Manchester and Sheffield.
We have produced a full policy analysis of all areas pertinent to the property industry.
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