The dust has now has started to settle after the Chancellor’s Autumn Statement, many in the sector are left asking themselves what the surprise increase in Stamp Duty Land Tax (SDLT) on additional residential properties will mean for them.
In spite of the 3% SDLT increase on purchases of additional residential properties coming into effect on 1 April 2016, ambiguity and uncertainty remain. Further detailed information on the changes to SDLT is expected imminently.
Whilst the consultation and further clarifications from government will be welcomed, uncertainty is likely to remain around how the market will react and how the buy-to-let and second homes market will be affected.
We will be inviting some leading figures from the housing and development industry to discuss what they see as the impact of the changes on the market and we will report back on the themes that come out of these discussions. If you would be interested in taking part in this initial discussion – which we would hope to arrange for January please let us know.
For more information about how the Autumn Statement will affect you or more about how the Development & Housebuilding team can help you please contact Derek Ching on 0118 952 7246 or email [email protected].
Consistent with our policy when giving comment and advice on a non-specific basis, we cannot assume legal responsibility for the accuracy of any particular statement. In the case of specific problems we recommend that professional advice be sought.