After Rishi Sunak’s recent Budget on March 3rd, we thankfully have some certainty in respect of SDLT and the much discussed ‘cliff edge’ deadline, which was highlighted in our February edition. Unfortunately the extension of the SDLT ‘holiday’ to the 30th June is not likely to provide much certainty beyond that date as to where property values in the UK are heading this year.
What is certain and which was clearly underlined in the Budget was Mr Sunak’s pledge made last Spring to “do whatever it takes” in respect of alleviating the impact of the Coronavirus on individuals and UK businesses. Actions do not always follow on from many a politician’s promises, but in sharp contrast to 2008 and the decisions subsequently taken then by both the Brown and Cameron governments, Sunak has well and truly kept his word and ‘splashed the cash’ and more is now to follow.
What is also very clear is that a deliberate policy of ‘spend now and tax later’ is well and truly in play. Some might well describe this as ‘kicking the can further down the road’, and without question before the next General Election, we will learn more about as to how the government intends to ‘square the circle’ of the £355bn budget deficit being forecast.