The Budget has sparked significant discussion within the property sector, with changes to Stamp Duty and the abolishment of the Non-Dom tax regime taking centre stage. While reactions across the industry range from alarm to cautious optimism, our Managing Director, Mark Parkinson, offers a balanced perspective in The London News.
“It’s uncomfortable, but I don’t see it drastically moving the dial in any direction. While there will be more supply in the market, most were expecting a significant hike in taxes, so it could be worse. For those who have been sitting on the fence, waiting for a result, hopefully, they will feel more confident in committing to the property market.
The change in non-dom status was the biggest takeaway for us. You could argue that the damage has already been done, as we anticipated this change. It will be interesting to see what the new residence-based regime entails and its potential effects.
What’s more significant is what hasn’t been said, particularly for those who have put their property plans on hold. There were numerous theories floating around, such as CGT on main homes and mansion tax being targeted—neither of which have materialised.”
Read the full article here
