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March 8 is next date for bad (or good) news on property taxes

The government has announced that its next Budget will be on March 8 next year.

Until recently, Budgets and their ‘mini-me’ Autumn Budgets had been largely non-events for the agency industry, but that all changed in December 2014 when then-Chancellor George Osborne announced his reform of stamp duty - welcomed by many agents, except those handling properties priced £937,00 and above, most of which incurred more duty.

Since then, each Budget and Autumn Statement appears to have been the cause of more bad news for the industry, ranging from the three per cent additional stamp duty surcharge to the phasing out of mortgage interest tax relief for landlords and the reform of Wear and Tear allowances.

At last month’s Autumn Statement, the ban on letting agents’ fees levied on tenants was announced - although it is to be the subject of formal consultations, expected to begin next month.

Next March the Budget will be followed by a Finance Bill as usual; then there will be another Budget in the autumn of 2017 - date to be announced - following which, annual budget announcements will be made only once a year in the autumn.

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