Budget 2014 Wishlist for Property and Construction
“The good news as far as the property and construction sector is concerned is that George Osborne appears to be taking measures to put it at the heart of the recovery,” says tax partner Tony Medcalf, who is a member of Moore and Smalley’s property team.
“He has already announced an extension of the Help to Buy scheme on new-build properties to 2020, pledging a further £6bn, and the creation of a new ‘garden city’ in Kent, though I would like to see specific measures to help the construction sector in the North West.
“There were a number of measures announced in the autumn statement to help businesses on the high street. This includes the £1,000 discount on business rates for small businesses with properties worth up to £50,000 and the 50 per cent discount on rates for vacant properties under the ‘reoccupation’ relief scheme.
“While we also know that rises in business rates will be limited to two per cent, I would still like to see more action taken to help businesses cope with what is their biggest burden. A root and branch review of the whole business rates system would be welcome.”