The chancellor has delivered his spring budget 2016 and as usual there are winners and losers. For the young (millenials in particular) it’s positive news, as “this is a budget for the next generation”, Mr Osborne told the nation.
Newsagents and other small businesses fare pretty well, with cuts to business rates. Typical small shops earning a modest income and those which rent physical premises will pay no or little tax, for example.
As far as property goes, the chancellor continued to take aim at buy-to-let investors. Although there has been no change to the stamp duty rise starting in April, there was one notable shift... previously it had been suggested property owners and landlords with more than 15 properties would be exempt from the additional 3% tax increase. But it looks as though that’s no longer the case. Funds from the new stamp duty coming into effect, he has said, will go towards local housing schemes to help people get on the ladder.
Commercial property owners might breathe a sigh of relief however. Rates of stamp duty / land tax for commercial spaces will be zero for anything worth up to £150,000. If you're interested in finding, selling or letting commercial space, Outlet can help. Click here for details.
So called "Micro entrepreneurs" can expect a £1,000 a year tax break. This is thought to be a boost not only to freelancers but those who earn money from the digital economy, such as people who let properties on a short-term basis through apps such as AirBnb.
*Please Note: The information provided in this article comes from a combination of the chancellor's budget announcements and national press stories. We recommend you do your own research or seek professional advice before making any decisions or judgements based on this information.
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