Despite calls from the property industry to change some unpopular tax measures, Chancellor Philip Hammond left the housing market out of the Spring Budget entirely.
There were hopes the Chancellor would take the opportunity to reverse recent changes to stamp duty, including the 3% SDLT surcharge, but these issues was not mentioned at all.
The planned changes to mortgage interest tax relief (due to be phased in from next month), the letting agent fees ban for tenants, and stamp duty reform for high-end property were all issues many in the property industry wanted to be addressed in the Spring Budget.
Buy-to-let investors and potential buyers in SE1 will have to wait until November (the Budget will henceforth be held in the Autumn) to see if the government plans to move forward with reforming these issues.
On a positive note, no new property taxes were introduced.
Elsewhere in his speech, the Chancellor addressed the business rates revaluations. He pledged to set aside £300 million for a discretionary fund for local authorities, which can be used to help out those businesses particularly hard hit by the rates rise.
Some good news for landlords came in the announcement that implementation of the Making Tax Digital will be delayed. In responding to this, Chief Executive Officer of the National Landlords Association, Richard Lambert, said they were pleased, as “it has the potential to cause chaos as landlords struggle to get to grips with the demands of submitting quarterly tax returns online.”
To read more about the Spring Budget, click this link: