Budget 2014: implications for the real-estate sector
George Osborne delivered a fiscally neutral Budget that was billed as a ‘credible plan to eliminate the deficit over the next four years’. There was very little excitement for the real-estate sector, with no news building on the Autumn Statement 2013 to address business rates, despite intense lobbying from the sector. There was some support for the housing industry and some strong tax measures imposed on residential property enveloped in a corporate structure.
The government will review the General Permitted Development Order and will consult on specific change-of-use measures: a proposal for a wider ‘retail’ use class, excluding betting shops and payday loan shops; greater flexibility for change to residential use, giving the ability to change from warehouse/light industry use to residential as an example; and greater flexibility for businesses to expand facilities such as car parks and loading bays within existing boundaries where there is little impact on local communities.
The new Planning Court will be launched on 6 April 2014. The response to consultation on the Nationally Significant Infrastructure Planning Regime is due shortly…
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Briefings from Addleshaw Goddard
Consultations released on implementation of energy efficiency regulation of the private rented sector
The Department for Energy & Climate Change has published the long-awaited consultation on implementing the provisions of the Energy Act 2011.
The Court of Appeal has overturned a High Court judge’s decision to add words to a non-compete restriction, which had originally offered the employer very little protection.
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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.