Budget 2024: Mark Parkinson’s expectations

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Jeremy Hunt is gearing up for HM Treasury’s forthcoming event, primed to unveil a series of tax and fiscal policy updates this week. Scheduled for March 6th, his speech is poised to serve as the final major Budget address before the upcoming General Election. This implies that the Chancellor is inclined to prioritise tax-cutting policies aimed at attracting voter support, given the heightened political atmosphere.

Prime Resi reached out to leaders in the prime residential sector to share their insights on anticipated tax policy announcements for the upcoming week and their desired outcomes.

Traditional and widespread calls for a cut to Stamp Duty are tempered with realistic expectations this year. Mark Parkinson, Middleton co-founder explains that “The perennial cry for a reduction in stamp duty is just never going to be politically acceptable for prime properties, it is also a signal that the top end of the property market is already ‘well-taxed’.

“In the current environment, it is probably better to focus on what we don’t want to see, namely increased taxes on international buyers – we want to avoid more restrictions or penalties for non-doms as they continue to form an integral part of the landscape in the prime property market.”

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