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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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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