Sun 01 Jan 2023
Autumn Budget 2021 – What announcements were made for the housing industry?
2021-10-28 01:00:00 +0100
Autumn Budget 2021 – What announcements were made for the housing industry?
Hall & Benson
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Yesterday, the UK’s Chancellor of the Exchequer Rishi Sunak outlined his Autumn Budget for 2021, which included some positive news for some parts of the housing industry. Here, Hall & Benson sets out some of the key announcements made and how they will affect the housing industry…
- £24bn overall funding for the housing industry - the largest cash investment in a decade according to the Chancellor.
- £11.5bn towards affordable housing, to make home ownership more of a reality for many people across the UK.
- A focus on brownfield sites, with 180,000 affordable homes to be built on unused land and derelict buildings.
- 4% ‘Residential Property Development Tax’ to be introduced for developers with profits over £25m. This will affect the top 30 developers in the UK.
- £5bn from the new Residential Property Development Tax to go towards the removal of unsafe cladding and combatting the cladding crisis.
- £640m a year to tackle rough sleeping and homelessness.
- £65m investment to overhaul the planning system.
- Capital Gains Tax payment deadline increased from 30 to 60 days.
Other notable points from the budget included:
- Inflation was 3.4% in September and is expected to increase to 4% average in 2022.
- National Living Wage to rise to £9.50 an hour.
- Universal Credit taper rate will be reduced from 63% to 55%.
- Businesses with the retail, hospitality and leisure sectors in England to benefit from 50% discount on business rates in 2022-23.
- Planned rise in fuel tax cancelled amid recent spike in fuel prices.
- £150bn funding collectively to go to all Whitehall departments across the course of this parliament.
- Extra £4.7bn funding for schools by 2024-25.
- A new lower ‘Air Passenger Duty’ for all domestic flights within the UK from April 2023.
- Planned rise in duty on alcohol cancelled and simplified duties on alcohol introduced.
If you would like to know more about the housing market, please contact your local Hall & Benson branch.
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