Budget predictions: Stamp Duty Land Tax ("SDLT") and property
Ahead of the first ever Autumn Budget, our experts look ahead to what the Chancellor could, and should announce on 22 November.
SDLT and property
- Hammond should seek to boost the housing supply not through SDLT increases, but by introducing lower tax rates for brownfield landowners who release land for the development of new housing. The treasury already collects £2bn extra compared to two years ago from SDLT from the same number of property transactions, indicating that any efforts here will just raise revenue, rather than help taxpayers. (Robert Pullen, director)
- The Chancellor should use the opportunity to introduce an SDLT 'holiday' for first time buyers and those who are downsizing. Additionally, an SDLT instalment payment regime could be introduced for properties over a certain value, i.e. £500,000, as the upfront cost of SDLT can be prohibitive. (Helena Kanczula, corporate tax director)
- Mortgage interest relief should be reintroduced for first time buyers. (Helena Kanczula, corporate tax director)
For more information, please contact Robert Pullen
or Helena Kanczula