No mention of property in Spring Budget

News at Eden Harper | 13/03/2017

The property market was not even mentioned in Chancellor Philip Hammond's Spring Budget, let alone the words many in the industry were hoping to hear: 'stamp duty reform'.  

Landlords and investors in Brixton and Battersea will have to wait until November (when a combined Budget/Autumn Statement will be held) to find out how the government plans to tackle the effects of higher stamp duty on the property market.  

There was no mention of mortgage interest tax relief, which is due to be gradually reduced from next month, nor the letting agent fees ban proposed in the last Autumn Statement.  

The recent Housing White Paper, which focused on boosting the supply of affordable new homes, was not expanded upon by the Chancellor.  

However, the new ratings valuations were discussed. These apply from April 2017, and businesses in London are especially affected. In a positive move, the Chancellor committed support for small businesses, which will go some way to helping Battersea and Brixton's local businesses and high streets.  

Monthly rate increases will be capped for businesses coming out of small business tax relief, while 90% of all pubs will receive a £1000 discount on their business rates this year.  

A £300 million discretionary fund has also been set up which will be used to support businesses particularly affected by the rate rises.  

For more information on the 2017 Spring Budget, click this link:  

The Negotiator