This ‘War on Wealth’ could also be seen in the raising of duty on high value corporate acquisitions from 15% to 17%. It seems clear that the new Administration has no interest in making friends with wealth-makers, who are already reportedly looking to leave the UK in unprecedented numbers rather than face punitive financial measures.
‍

Not mentioned in the speech but no less important were the changes to the Nil Rate Band and First Time Buyers relief on SDLT to £125,000 and £300,000 respectively, down from £250,000 on nil rate and £425,000 on FTB relief at present. While many may argue this was well-known, in an age where large numbers of people get their news in sound bites and social media videos, things which are left unsaid can bypass those they stand to impact the most.
‍

The knock-on effect of these changes may well be seen sooner rather than later. Investors will be immediately impacted by the HRAD changes, and this will doubtless have caused and will continue to cause headaches for their conveyancers. First Time Buyers or those looking to buy at the lower end of the market may look to speed up their plans to beat the deadline looming next year.

From speed of reaction, the precedents being set in this first non-conservative budget for over a decade and the implications for the property market as a whole, there is a lot to digest. Over the next week, Compass will be publishing a series of commentaries examining each of the major factors that will impact conveyancers, both day to day and at an operational level. 

If you are dealing with any form of conveyancing in the next twelve months, from those getting their first toe on the ladder to those investing for the future, you’ll want to pay attention to the details we talk about. It’s likely the months to come will feature upheaval in the property market on a scale not seen since the end of the covid-related SDLT ‘Holiday’.