The Chancellor's Autumn Statement 2015

In terms of measures likely to affect some clients we would highlight the following announcements:

Stamp Duty Land Tax Surcharge
What seems to be an expensive additional 3% Stamp Duty Land Tax surcharge on the purchase price of property, targeted at buy-to-lets and second homes from April 2016, was announced. The increase is aimed at both individuals and companies with relief available for significant investment portfolios – suggested to be 15 properties or more.

Capital Gains Tax
It was proposed that from 2019, any Capital Gains Tax due on the disposal of residential property will be payable 30 days after the sale rather than, as currently, on 31 January following the tax year in which the sale took place.

Apprenticeship Levy
An apprenticeship levy is to be introduced on 6 April 2017 to be set at 0.5% on overall business wage bills which exceed £3m.

Small Business Rate Relief
Finally, Small Business Rate Relief is to be doubled and extended for a further year from 1 April 2016.

As with many of these announcements, the detail will not be fully known until the publication of the draft consultation clauses.