Mark Parkinson of Middleton Advisors
“Generally from a tax point of view as expected a fairly benign budget for most with a bit of tinkering at the margins (tightening NIC contributions, reducing dividend tax free allowance) but probably a sigh of relief from most property professionals and owners that there were no ‘bombs’- Has the message finally got through to the treasury that they have taxed property owners both domestic and foreign enough?
Doubtless there will be cries from a few quarters that no concessions have been given on Stamp Duty but this was never really in the picture.”
Richard Bernstone of Aston Chase
“Well that was one of the most uninspiring budgets for some time, except for no further negative taxation/regulations for the property sector other than a niggly nip and tuck to introduce a clampdown on those setting up companies to minimise tax burdens, which may ultimately lead to additional controls on landlords in the rental sector.
A further SDLT reform or indeed the abolishment of SDLT, perhaps to be replaced by a more palatable and fairer land transfer tax as being suggested by many experts, was in my opinion an opportunity missed.
However, it has been mooted that whilst the Chancellor has been made aware of the severe reduction in the volume of property transactions, he will continue to monitor the shrinking of revenue in this and associated trade revenue over the next few months during which time he will be able to consider his options.
That aside, all bland stuff a little more money for education and technology, women’s rights and childcare. Good to see that overall he is keeping a tight rein on the nation’s coffers and that the OBR forecasts continue to improve.”
Ben Horne of Middleton Advisors
“Against the backdrop of a reduced forecast deficit for 2016/17, the frugal chancellor is still concerned about the total deficit and therefore offered few changes to the economic plan. The few who believed stamp duty was possible will therefore have to wait, probably a lot longer.
This budget was also a clear signal that a snap election is unlikely.”