Autumn Statement 2023: developments affecting real estate investors and occupiers
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.
Some details will be important for real estate investors and occupiers:
Business rates: small businesses will benefit from the freezing of the small business multiplier for another year; and the 75% RHL relief will be extended for 2024-25.
“Full expensing”, the 100% deduction of expenses on certain qualifying plant and machinery, is intended to apply permanently, rather than only until April 2026. This removes pressure to incur relevant expenditure within a limited time window.
The construction industry scheme is to be amended to remove the majority of payments from landlords to tenants from the scope of the CIS, simplifying compliance issues for many tenants and landlords. Registration applications will also become possible digitally, with the intention that they should only be made digitally in due course.
Changes proposed for the REITs regime in draft legislation published in July this year will be implemented, including to allow tracing through intermediate holding companies where an institutional investor is the ultimate beneficial owner when applying the exemption from the non-close condition.
About the author
Charles Goddard is a tax solicitor with over 20 years' experience of advising on the corporate tax aspects of a wide range of corporate and financial transactions. His clients range from multinational blue-chip institutions to private individuals.
Find out more about Charles and our corporate tax advice and consultancy services for business.
About the author
Lee is an experienced solicitor who has specialised in corporate tax for over 20 years. Lee’s principal focus is advising on the tax issues that arise on corporate transactions together with the tax-related documentation for such transactions and also on real estate transactions.
Find out more about Lee and our corporate tax advice and consultancy services for businesses.
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