budget 2020

Budget 2020: The key points



In today’s Budget (11th March), chancellor of the exchequer Rishi Sunak highlighted the state of the UK economy and outlined the government’s economic plans.

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The key points of the Budget with regard to property included:
 
  • £12.2bn of grant funding allocated for the affordable homes programme from 2021/22
     
  • £400m for mayoral combined authorities and local areas to establish housing on brownfield land across the country 
     
  • £1.1bn allocated from the housing infrastructure fund for nine different areas, including Manchester, south Sunderland and south Lancaster
     
  • an additional £1bn to remove unsafe cladding from residential buildings above 18 metres following the Grenfell fire
     
  • 2% stamp duty land tax (SDLT) surcharge on non-UK residents purchasing residential property in England and Northern Ireland from 1st April 2021
     
  • the government will introduce a relief for qualifying housing co-operatives from the annual tax on enveloped dwellings (ATED) and the 15% flat rates of SDLT on purchases of dwellings over £500,000.


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