South: RICS responds to Autumn Statement

In what is RICS’ initial response to the Autumn Statement 2014, Jeremy Blackburn, head of policy, said:

Stamp duty

“Finally we see long-overdue reform to the stamp duty tax system – described by the chancellor as the most damaging tax of all. Time and time again RICS has called for these changes to stamp duty structure, which now mean 98% of house buyers will benefit.

“These changes reduce distortion and ensure those at the top end of the market contribute fairly, while those at the bottom will be given a fairer chance to get on the ladder, cutting out ‘dead zones’ in the market.”

Small business rates

“We fully support the extension of small business rate relief, however, greater consideration must be given in the context of devolution across the UK with a focus on local decision making to encourage local economic growth.

“The most recent RICS Commercial Market Survey highlights that throughout the UK the availability of office space has declined for the sixth consecutive quarter and is doing so at its fastest pace since the late 1990s; therefore, the announcement of the business rate review is a welcome signal to the market, laying out certainty en route to revaluation in 2016. The review must create a simpler, quicker, more fit-for-purpose business rate system, that makes true impact on the high street, encouraging business growth.”

Infrastructure

“Infrastructure is key to building homes and unlocking growth potential in our economic centres. To be internationally competitive and attract inward investment, the UK needs to inject pace and clarity into its infrastructure delivery.

“The Government’s announcements before and now during the Autumn Statement show new intent to the long-term funding, but it remains to be seen how it can promote delivery."