The headline-grabbing announcement of the Budget was the abolition of Stamp Duty Land Tax (SDLT) for many first-time buyers, along with amendments to the higher rate of SDLT for additional residential properties to make it fairer for purchasers in cases such as those relating to divorce.
Few significant VAT policies were announced. The Government confirmed the current VAT registration threshold will be reviewed but will remain unchanged at £85,000 for two years. There will be a focus on sales via digital platforms, starting with an increase in HMRC's powers to tackle VAT evasion by online market place sellers.
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of publication.