Budget 2020 – Property taxes

Property Taxes

Non-UK resident Stamp Duty Land Tax (SDLT) surcharge– From 1 April 2021 a new 2% SDLT charge will apply on non-UK residents purchasing residential property in England and Northern Ireland. In recent years we have seen various measures to discourage non-UK residents from investing in the UK property market to free up the housing market.

Business Rates – In recent Budgets we have seen a lot of announcements in respect of business rates which is seen as a major cost for those businesses on high streets being able to survive. Previously announced for a period of one year starting in April 2020 was the retail discount for properties with a rateable value below £51,000. Additional support was announced today that this discount would be extended to include cinemas, music venues but also for 2021 hospitality and leisure business with an increase in the relief to 100%.

The government is also launching a full review of business rates as it is heavily criticised in its current format.

To discuss how the announcements in today’s Budget affect your property business or portfolio or to understand how to optimise your tax position, contact [email protected] or call 01527 55839.

Further information about our business tax servies can be found here.

Property taxes

Property taxes