Our report on the key elements gives further details, but particular items which caught our attention include:
- The Chancellor side-stepped the expected dramatic cuts in public spending thanks, in part, to the OBR’s improved forecast for the economy, and through significant additional tax costs to business. The largest money raiser is a new tax on employers to support apprenticeships, but the property sector was not left unscathed.
- The excitement of the leaked plans to build 400,000 new homes by 2020 was dampened somewhat by the announcement of a new 3% stamp duty levy on the purchase of second homes both for personal and buy-to-let use. At present this is not planned to affect companies with significant investment in residential property which has added an additional complication for buy-to-let landlords considering whether to incorporate.
- As always there are a few surprises hidden in the detail including a planned reduction in the time allowed to pay stamp duty, reduced from 30 to 14 days and also a new requirement to pay capital gains tax on the sale of residential property sales within 30 days of completion.
There were announcements that affected other areas such as partnerships and charities however these appear to be more of a tidying up exercise rather than mainstream changes.
For more information on these and all of the announcements made in the Autumn statement please see our summary PDF.
If you have any queries regarding any matters raised in the Autumn Statement then please don’t hesitate to speak to your usual contact or email us.