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While the UK economy and housing market have held up far better than expected following the Brexit vote, the outlook for both remains uncertain.
After a several years of seemingly endless property tax reforms, the absence of new announcements on property taxation today suggests that the new Chancellor wants to let existing reforms bed in before opening them up for review.
As we move into the second month following the UK’s EU referendum, economic indicators are beginning to provide some insight on the future direction of the economy.
A referendum on the UK’s membership of the European Union has been a possibility since January 2013 when David Cameron pledged to hold a vote on the issue.
This year’s Autumn Statement announced a 3% additional rate of Stamp Duty Land Tax on purchases of additional properties such as buy to lets and second homes with effect from the 1 April 2016.
What has been announced?
Our inaugural Global Tax Report, produced in conjunction with EY, assesses the impact of property and tax costs for a foreign investor who purchases a US$1m and US$10m property in 15 key cities around the world.
Last year we correctly anticipated a slowdown in UK house price growth in 2015.
Demand for corporate lets is strengthening led by economic growth and the trend towards integrating global teams in larger businesses.
The latest edition of our Global Development Review focuses on the challenge faced by many developers who are looking to add value.