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Autumn Spending Review

Marketing / 25 Nov, 15

Chancellor George Osborne has set out the current state of the economy in the Autumn Statement, the chancellor also outlined spending plans for the next four years in the Spending Review. Here is what we know so far regarding local property taxation and business rates:

•George Osborne has confirmed his announcement at the Conservative Party conference that the uniform business rate will be abolished by the end of the parliament as local councils are allowed to keep all revenues from business rates receipts.

•Regional and local mayors will be allowed to determine rates poundages. New powers and responsibilities for local authorities, thus more localisation.

•The Business Rates Review task force will report in next year’s budget.

•Councils will be able to keep 100% of receipts from any property assets that they sell.

•The Small Business Rates Relief scheme will be extended for another year, helping small businesses.

•Special grant for Hull as city of culture as part of the northern powerhouse initiatives.

•Housing budget to double to £2 billion.

•More housing association tenants to be allowed to buy their own homes.

•A new London Help to Buy scheme to be introduced.

•Higher stamp duty for buy to let properties after 1st April 2016.

Topics: News

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