At the start of August, chancellor Alistair Darling said a cut in stamp duty was one option that he was considering, prompting speculation in the press that a stamp duty land tax holiday was going to be given. The National Association of Estate Agents reported a 25% increase in the rate of residential sales falling through last week as people wait to see what the chancellor will do.
The British Retail Consortium has also written to Alistair Darling asking him to use his upcoming pre-Budget report to reduce commercial property costs for struggling retailers. The BRC has suggested a series of measures, including the re-introduction of empty property relief, which was abolished in April of this year. Another proposal was to allow tax relief on the large premiums paid particularly by retail tenants to exit uneconomic leases.
We await your pre-Budget Report with interest Mr Darling.....