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Budget expected to include fast-track building approvals and rights for renters to buy

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  • 29/10/2018
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Budget expected to include fast-track building approvals and rights for renters to buy
Fast-tracking house building approvals and stronger rights for renters to buy their own home are two key policy areas likely to be included in today’s Budget.

 

The higher rate of stamp duty for overseas buyers has already been announced and is expected to be included in this afternoon’s statement by chancellor Philip Hammond.

And £900m in business rates relief for small businesses was also revealed over the weekend.

However, according to BBC economics editor Kamal Ahmed, Hammond is also likely to set out new plans for fast-tracking house building permissions and give people renting stronger rights to buy their own home.

Capital Gains Tax (CGT) relief to encourage landlords to sell properties to long term tenants has been mooted from several areas, but it is unclear whether this will be included.

Landbay co-founder and CEO John Goodall said the potential £1.3bn cost of this policy could be spent better elsewhere and called for a quiet Budget for the mortgage and housing sector.

 

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