With the suggested cut in stamp duty land tax rates not making an appearance, today’s Autumn Statement did not include many headline announcements focused on the real estate sector.
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In the Autumn Statement, the Chancellor announced rate reductions and other changes to national insurance contributions.
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“The beatings will continue until morale improves!”
In September, the Government headed by Liz Truss announced the biggest package of tax cuts in living memory. Conservative MPs loved it, but the markets did not agree.
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No news is good news - or is it?
Today’s Budget saw the shortest list of major tax policy announcements in many years. The emphasis was all on how much cash Rishi could splash. But behind the largesse (and the eye-catching alcohol duties re-jig – fruit-based cider, anyone?), tax rises previously announced are taking effect.
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Tax rises for all, particularly business.
Along with the “R rate”, “furlough” and “lockdown”, a new term may well come to be associated with the Covid-19 pandemic and the Government’s response to it: “fiscal drag”: the practice of raising tax receipts by freezing allowances and relying on inflation to drag taxpayers into higher tax brackets.
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The March 2021 Budget announcement of the continuation of the stamp duty land tax holiday was a welcome, if much trailed measure.
However, the Chancellor’s promise to prevent a cliff edge at the end of the holiday looks unlikely to come true in the real world.
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We are pleased to support Refuge as one of our chosen charities by donating a percentage of our fee income to their cause.
Refuge opened the world’s first safe house for women and children escaping domestic violence in Chiswick, West London, in 1971.
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We are pleased to support The Single Homeless Project (SHP) by donating a percentage of our fee income to their cause.
SHP-Single Homeless Project have been working in London for over 40 years supporting the most vulnerable.
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We are pleased to support Nurse Lifeline by donating a percentage of our fee income to support the work that they do.
This initiative was developed by nurses and midwives, for nurses and midwives.
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One benefit of Brexit for the UK financial services industry was announced today: VAT recovery will be allowed on the VAT costs of exempt supplies to EU customers of most financial services by UK-based businesses, from 1 January 2021.
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Chancellor Rishi Sunak’s announcement of a temporary cut to SDLT looks set to benefit all property buyers, not just those buying properties for less than £500,000. But the measure offers no respite on the 3% additional rate payable by those owning other properties – that additional tax will still apply as normal.
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New processes apply for stamping documents and paying stamp duty during the current lock-down. Instead of sending physical documents to the Stamp Office, electronic copies must be sent instead. Cheques sent to the Stamp Office will not be processed - read more to find out the full details.
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The government has announced a huge raft of measures in an unprecedented attempt to support the economy in the face of the devastation caused by Covid-19. A full list of all government measures to support business are detailed in this article.
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In these difficult times we wanted to assure all our clients that Rosetta Tax is open for business as usual. Our business continuity plan allows our team of tax lawyers to be able to provide our business tax, VAT and SDLT advice without interruption.
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There was a lot more than usual on VAT in this Budget. Partly this reflects our recent departure from the EU. Whatever one’s views on the wisdom of this, there is no doubting the resulting freedom (post 1 January 2021) to introduce our own rules without the constraints of needing to comply with EU law. Mostly the government plans to continue with the current regime, but over time the rules will start to diverge and the first signs of this are already apparent.
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Chancellor Rishi Sunak faced a huge challenge in today’s Budget. As well as delivering his first Budget Speech only four weeks after being appointed Chancellor, he needed to support the economy in the face of the threat of Covid-19, invest heavily in regions away from London, and prepare for the end of the Brexit transition period.
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Although there were no huge surprises, Chancellor Rishi Sunak’s first Budget contained much of interest for the real estate sector. We summarise the main points in this article.
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