Inheritance tax eased
The government has committed to increasing the tax-free allowance for inheritance tax to £1m for people who leave their homes to their children.
To achieve this, a new nil-rate band will be created from April 2017 which will be on top of the current tax-free allowance of £325,000.
The band will be protected even if a person chooses to downsize their home.
‘Shadow chair’ for agency
A ‘shadow chair’ is to be recruited to work with a new agency within the Government Property Unit.
The new body will act as a landlord for government properties, charging public-sector occupiers market rents.
Additional funding has also been announced to support the expansion of the One Public Estate programme, designed to encourage the sharing of property across central and local government.
More power for regions
Powers devolved in the Budget included a new land commission for Manchester.
The chancellor also said he was in talks with leaders in Leeds, Liverpool and Sheffield about the devolution of similar powers and that Cornwall would be the first region to get a new county devolution deal.
Enterprise zone bids invited
The government is inviting bids for a new round of enterprise zones, hoping to attract the interest of more rural areas.
EZs are in place in 24 areas across England. Towns and districts are being encouraged to work with LEPs on bids.
Good and bad news for banks
The government will “gradually reduce” the UK bank levy over this parliament, the chancellor said, but will introduce a new 8% surcharge on bank profits.
Observers said ministers wanted to reassure banks their contribution was recognised, following threats by HSBC and others to change their domicile.
