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A Budget “to re-build the British economy”?

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Andrew Pliener, a partner in our Leeds office and specialist in all aspects of commercial and residential development, has highlighted some points of the budget in four key areas:

WestminsterPlanning

  • Presumption in favour of sustainable development
  • Release of more public sector land – land auctions
  • Streamlining of planning procedure
  • New Enterprise Zones (including in Leeds City and Sheffield City Regions)
  • Potential exemption for conversion from commercial to residential use

Residential

  • New Stamp Duty Land Tax relief for multiple acquisitions of residential properties
  • Support for first time buyers of new build properties
  • Outcome of review of the existing SDLT relief for first time buyers to be announced in the autumn

Business Rates

  • Small business rate relief holiday extended

Stamp Duty Land Tax

  • Anti avoidance measures strengthened on sub sales and land exchanges

Andrew’s conclusions?

“There’s some help for the property market but it will be in the detail of the proposed planning reforms where we will see whether there is a real shift towards supporting development”

“The Government is making the right noises, especially on planning but, as with the rest of the economy, until the banking sector makes a more active return to funding both development and lending to end purchasers and tenants, recovery will continue to be slow, uncertain and unpredictable”

“The start of a coordinated effort by the Government to encourage development by the creation of new Enterprise Zones and planning relaxation and streamlining - or merely a bit of spin? Time will tell, however the impression is certainly that there is a more positive and realistic approach now being considered at the highest levels of Government to encourage and facilitate the property market. Funders take note!”

For more details and analysis of the impact the budget may have on commercial and residential property development, please click here for an article by Gareth Owen entitled "Budget 2011 - The Property Implications".
 

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