Autumn Statement 2023 - Property Tax Update

This review highlights the measures impacting the built environment as well as the wider property, construction and infrastructure sectors.

These are largely drawn from the Autum Statement ‘Green Book’ and will be augmented, over the coming days as further explanations, commentary and/or draft legislation become available.

Please see the document download to the right of the page to read in more detail the relevant property tax measures from the Autumn Statement.

There was much anticipation and sustained ‘briefing’ on tax savings and support for business and the announcements are broadly welcomed with a number of measures to support UK businesses and the wider UK economy, including reductions to National Insurance, Business rates relief and extension to a number of the capital allowances including the extension to the time scales for Freeports and Investment Zones from five years to ten years. The only downside of the current ‘Full expensing’ 100% relief is that it only applies to Corporation Tax and so many businesses that operate as partnerships or individuals (such as farming, medical or dental practices etc., as well as those across professional services) – will not benefit from these accelerated tax savings as they are not available against Income Tax.

Alun Oliver, Managing Director, says "The Chancellor announced over 100 new growth measures and some further consultations to improve the operation of different aspects of the economy – particularly extending the 100% capital allowances from ‘Full Expensing’ within finance leasing sector.  There is a lot to digest but we will endeavour to clarify and expand on these announcements over the coming days and weeks as the details are published and set out how we can support you in optimising your property tax position in light of the Autumn Statement.

"We are delighted that after much commentary on the woefully short periods initially set out for both Freeports and Investment Zones, these are now extended to ten years (to September 2031) meaning that investors within these areas now have a fighting chance to benefit from these tax savings and wider benefits, within each of these respective zones."

Please see the document download to the right of the page to read in more detail the relevant property tax measures from the Autumn Statement.