Further enterprise for UK
Enterprise zones will be created or extended in 26 regions. Some 15 of the zones will be in towns and rural areas including Carlisle, Dorset and Ipswich, with the remainder in major cities. The zones could all benefit from a business rate discount up to a maximum of £55,000 a year, with a five-year limit of £275,000.
Peace gets top property job
Former British Property Federation chief executive Liz Peace has been appointed as shadow chair of a new body that will take control of publicly owned buildings and land. The body was announced at the March Budget as part of plans to charge Whitehall departments occupying publicly owned freeholds market rents for their space.
Help on the way for Londoners
An extension of the Help to Buy scheme in London will offer aspiring homeowners with a 5% deposit a loan of up to 40% of the value of a new build home for an interest-free period of five years. No age limit will be imposed on applicants.
Gap closes on Capital Gains Tax
Capital Gains Tax on residential property will have to be paid within 30 days, the chancellor announced. The requirement will be introduced in April 2019. The tax is currently paid between 10 and 22 months after a disposal is made.
More delays on business rates
Business rates reform will be delayed until next year’s Budget, despite an earlier Conservative manifesto pledge to deliver a review of the rate by the end of 2015. The chancellor confirmed that local government will retain 100% of business rate revenues to fund local services by the end of the current Parliament.
