With many commentators predicting a tightening of fiscal policy for older taxpayers, the Autumn statement could bring a boost to developers acquiring new development land.
Suspicion surrounds whether revisions will be made to current regimes which apply to capital taxes. In particular, in relation to agricultural and business property reliefs. The reduction of these reliefs could motivate landowners to bring more land forward for development. This in turn could in turn stimulate land supply and reduce development. With house prices slowing across several regions, attention will focus on what the Government can do to continue to prevent progress towards housing targets from falling back.
Chancellor of the Exchequer, Phillip Hammond will be delivering the inaugural Autumn Budget Wednesday, November 22, 2017. So what does he have planned for your money? In this article, we reveal some of the latest speculation. Rumours persist that the Chancellor is plotting a raid on older workers to fund tax breaks for younger people. The Telegraph reports that Hammond wants to ‘restack the deck for the next generation’. Dubbed the "tax on age", the plan could see pension tax relief cut for older workers to fund a reduction in National Insurance Contributions for workers in their 20s and 30s. Nigel Green, CEO of deVere Group, an independent financial services firm, reckons the rumour has legs. He said: “Unfortunately, this misguided measure seems like it is almost a certainty as the government looks to raise revenue in a slowing economy.