Chancellor Philip Hammond has delivered the last Spring Budget, but the property market wasn’t raised in the hour-long speech.
Buyers and buy-to-let investors in Belgravia will have to wait until November (when a combined Budget/Autumn Statement will be held) to find out how the government plans to tackle issues affecting the property market.
However, the Chancellor did address the business rates revaluations, offering support for small businesses in particular.
The Chancellor confirmed that for businesses losing small business rate relief, their rates will not increase by more than £50 per month. In addition, 90% of pubs will receive a £1000 discount on their rates bill, while a £300 million fund will be available for local authorities on a discretionary basis to ensure businesses in their local area are helped out when needed.
Elsewhere in the Budget, the Chancellor announced a delay to the introduction of ‘Making Tax Digital’, which is positive news for landlords. According to research from The Residential Landlords Association, 48% of landlords use spreadsheets for keeping records and 38% use paper.
The Residential Landlords Association Vice Chairman, Douglas Haig, said: “the last thing landlords needed was an imminent change to the way they keep their records.”
“The chancellor has made the right decision in giving landlords more time to prepare for this important change.”
For more on the Spring Budget 2017, click the link below: