December 4th, 2014
Autumn Statement 2014
In the run up to the last Autumn Statement before the election, speculation was rife concerning the inevitable rabbit out of the hat. Mr Osborne saved this to the end of his speech with the announcement on the reform of stamp duty land tax on residential property. In his words,
"I am today abolishing the residential slab system altogether. In future each rate will only apply to the part of the property price that falls within that band – like income tax."
The claim was that in 98% of cases purchasers will pay less SDLT than they otherwise would have done.
What was surprising was the volume of announcements contained in the various documents although in a lot of cases, there isn't much else to go on at the moment and we will have to wait for further information.
As always there was much that Mr Osborne didn't mention in his speech but which appeared in the supporting documents so to find out how the Autumn Statement might affect you and your clients please follow the links below: