Autumn Statement - Property Implications

Autumn Statement - Property Implications

On 5 December 2012, the Chancellor of the Exchequer, George Osborne, delivered the 2012 Autumn Statement.

The key announcements of particular interest to the property industry are:

  • Confirmation that there will be no new "mansion" tax.
  • All newly-built commercial property completed between 1 October 2013 and 30 September 2016 will be exempt from empty property rates for the first 18 months following completion of construction.
  • CRC Energy Efficiency Scheme: CRC will be simplified from 2013, rather than scrapped, but the effectiveness of the CRC will be reviewed in 2016.
  • The government will continue to provide a grant to those local authorities that decide to reduce or freeze their council tax in 2013-14.
  • The government will continue Support for Mortgage Interest until March 2015.
  • The government is consulting on proposals to introduce an income threshold for social housing above which tenants will pay full market rents.
  • Various proposed reforms to the planning, and related development consents, regimes to reduce the costs and time involved in developing infrastructure.
  • Infrastructure projects designed to improve the UK's transport and broadband networks and provision for housing.

There were no further announcements on Stamp Duty Land Tax or VAT.

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