Tax system impeding growth of property and construction businesses

According to a 12-month market outlook report, over 70 per cent of UK based property and construction businesses view the tax system as unfavourable to the industry, with 68 per cent citing Stamp Duty Land Tax (SLDT) as the biggest tax barrier to business growth. A further 12 per cent believe Capital Gains Tax is the biggest barrier to growth, although Brexit concerns were high up on the list of fears too, with 48 per cent claiming the referendum result is negatively impacting them.

An overwhelming majority of respondents to the survey consider London residential new builds to be the London property most affected by the downturn in the market, with nearly half viewing the redevelopment of brown field sites, such as abandoned shopping centres, derelict rail stations and state owned land, as the future of the London property market.

At Beavis Morgan, we have extensive experience in advising individuals and businesses on all aspects of the property and construction markets. For further information, contact Steve Govey or your usual Beavis Morgan Partner.