Buyers and buy-to-let investors in Wimbledon will need to wait a little longer for stamp duty reform as Chancellor Philip Hammond made no mention of stamp duty in his first – and the last – Spring Budget.
Despite calls from the property industry for changes to the stamp duty tax system, including stamp duty on high-end properties and the extra 3% surcharge – some had even said that stamp duty should be paid by vendors and not property buyers – no changes were announced.
In fact, the Chancellor made no mention of the housing and property market at all.
Other issues the industry wanted to see reformed include the planned reduction in mortgage interest tax relief for landlords, which is set to be cut from next month, and the letting fees ban for tenants.
In other news from the Budget speech, the Chancellor stretched out a hand to small businesses about to be hit with business rate rises, and announced a cap of £50 per month in rate increases to those businesses coming out of receiving small business tax relief.
A £300 million fund will also be made available to councils, which can be used to support any local business adversely affected by the rates rise.
From this point on, the Budget will be held in the Autumn, and the annual Statement in the Spring.
For more details from the 2017 Spring Budget, click the link below:
