Kersten Muller, Head of Real Estate Tax commented:
“This year’s Budget was widely expected to include much needed measures to help boost the supply of new homes in our country and we were not let down.
“A number of announcements were made - from an additional £500m for the Housing Infrastructure Fund, extensions to stamp duty tax relief for shared equity purchases and new partnerships with English housing associations - all with an aim to get the country building.
“The investment did not stop there however, with a targeted fund to rejuvenate the high street and business rates relief introduced for smaller businesses. On top of that we saw a welcome extension to the Annual Investment Allowance to £1m and a new tax relief for eligible construction costs on structures and buildings of 2% per annum.
“We welcome these incentives as they demonstrate a longer term commitment to improving the UK as a destination for investment, a place to do business and for people to enjoy visiting. The guarantees to smaller house builders announced today are also welcome as they will help to encourage greater diversity in our new home offerings.”
