Summary of Budget 2020

Chancellor Rishi Sunak delivering his first budget yesterday, changes announced include measures put in place to support the economy in the face of the coronavirus such as additional support for the NHS and public services and loans available for small businesses to support ‘business interruptions’. Furthermore minor Stamp Duty changes have been introduced in respect of non-UK residents. Business rates for small businesses have been scrapped. Below is a summary of the main points: Coronavirus and public services £5bn emergency response fund to support the NHS and other public services…

Mum and Dad need to get with it

Parents who help their children get on the property ladder are being urged to adopt a more professional approach when it comes to handing over the cash.  Faced with high rental costs and soaring property prices, more parents are dipping into savings or releasing capital from their own property to support the next generation. Research by Legal & General estimates that a massive £6.3bn was provided last year by the Bank of Mum and Dad – or BoMaD - as it’s known.  The figure effectively makes BoMaD the 11th largest mortgage…

Stepping up to the challenge of the sale board

Homeowners, estate agents and solicitors up and down the country are wondering whether to expect the traditional upsurge in the property market in April and May. It’s not looking very rosy, according to recent figures from the Royal Institution of Chartered Surveyors, whose members reported that they expected sales to fall in the next three months. Overall, their outlook for the housing market was the worst for 20 years, and the lack of clarity around Brexit has shouldered the blame for that, with lack of supply and affordability also affecting…

Stamp Duty Land Tax reform

In the final Autumn Statement before the general election next year, the Chancellor, George Osborne has announced an overhaul of Stamp Duty Land Tax (SDLT). At present, stamp duty is calculated as a percentage of the whole property with an increased rate triggered by being only a pound over the relevant threshold. The new measures introduced with effect from 4 December 2014 fundamentally change the way in which SDLT rates will be applied to the purchase price of properties. The new stamp duty rate will be calculated as follows: 1.…

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