Autumn statement 2015
Written by Ray Coman
A round-up of the Chancellor’s Autumn Statement made yesterday:
- From 1 April 2016, a stamp duty land tax rate of 3% will be introduced on the second property a person owns. This would include secondary residences and buy-to-let investments. The rate will not apply to property developer using a company to make a purchase.
- From 2019, any capital gains on disposal of a property will need to be reported within 30 days of the completion date.
- The Small business rate relief has been extended for a further year.
- The state pension will increase to £119.30 a week from April 2016.
- There were no announcements about the leaked proposal for Personal Service Companies.
- ‘Help to Buy’ and Shared Ownership’ schemes were outlined.
- A digital tax account which is schedule to be introduced by 2020 is intended to replace the existing Tax Return system.