It wasn’t until two-thirds of the way through the Budget that the Chancellor’s focus turned to housing and he unveiled his headline-grabbing announcements. They were pretty hard to ignore: £44 billion of funding, loans and guarantees to increase net additional housing supply to 300,000 homes a year by the mid-2020s and the abolition of stamp duty for 95% of first-time buyer purchases. But what does this mean in practice?
Stamp duty, or Stamp Duty Land Tax (SDLT) to use its official name, is paid on the purchase of residential properties, the purchase of non-residential property such as shops, offices or agricultural land, and is also paid on new non-residential leases.
This white paper reflects a set of proposals for discussion and consideration, and includes a consultation on proposed new policy measures. The majority of the 38 questions are related to planning, but the CPA intends to submit a response to questions relevant to construction product manufacturers.