Commercial Property News and Comment
New tax concessions for property
In his Pre-Budget Report, delivered to the House of Commons on
8th November, the Chancellor announced plans for several changes
that will, more or less, benefit those in business. Most are expected
to come into effect from April 2001.
As part of a package of measures intended to "regenerate Britain's
towns and cities" and remove development pressure on green filed
sites, the Chancellor announced new measures including:
- a stamp duty exemption for all property transactions in the
most "disadvantaged communities"
- 100% capital allowances on the conversion of space over shops
into flats for letting
- a reduction in the rate of VAT to 5% for residential conversions
and for developers renovating and selling houses which have been
empty for at least 10 years.
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