Autumn Statement 2013: real-estate sector highlights
Chancellor George Osborne has delivered a fiscally neutral Autumn Statement, which was a ‘long-term plan for a grown-up country’. Finally, we had some concrete news on business rates, with a greater emphasis on the small retailer, but something in there for businesses of all sizes. The real-estate sector will also be interested in news on housing, education, the continued resolve to crack down on tax avoidance and good news on REITs.
The government proposals probably don’t yet go as far as the industry would like, and there will be many calling for a wholesale review of the system as soon as possible. The government has pledged to discuss with business options for longer-term administrative reform of business rates post-2017…
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The past five years have not been easy for Addleshaw Goddard. The firm’s revenue fell 7 per cent from £173.1m to £161.9m between 2008/09 and 2010/11 and despite finances looking up in 2011/12, when Addleshaws reported a 30 per cent increase in net profit, it has shown no notable compound growth in turnover since 2007/08.