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.

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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