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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