On Tuesday of this week, George Osborne stood up as the youngest Chancellor for over a century and delivered his Budget report in a little under an hour.
This was a balancing act, not just between the risks of a double dip recession or a Greek style financial crisis, but also between the distinct, and at times disparate, policies and principles of two political parties.
In this special edition of our newsletter, we provide our view on what this budget means for the property and construction industry, consider what the implications of the changes in the capital gains tax regime mean for you and highlight certain risks and uncertainties around the SDLT compliance regime. With the reduction in the rates of tax relief available for capital expenditure announced for April 2012, there remains a window of opportunity to maximise the tax relief claimed and in certain circumstances obtain a refund of tax paid in previous periods. Details of this potentially valuable relief are set out under the heading of 'Capital allowances – maximising the opportunities'.
If you would like to discuss any of the subjects in this newsletter or any other area relating to the sector, we will be delighted to talk to you.
In this issue
On Tuesday the youngest Chancellor for more than a century presented the first coalition Budget in a little under an hour.
In the property sector, identifying and maximising tax relief on capital expenditure can often be a difficult exercise.
Property investors and developers have enjoyed a significant return on their investments and generally property markets, not always drawn by speculation, have followed their own course.
There were no new SDLT provisions announced in the Budget statement with the only mention in the Budget notices and documentation issued yesterday.