Budget analysis: Property

Two new and controversial schemes to provide government support to bridge the gap between deposits and available mortgages were announced in the Budget. Other property-related measures were generally as previously trailed, including the measures to tax residential property in excess of £2m held by ‘non-natural persons’ and the removal of tax on receipt by a REIT of a dividend from another REIT. Most of the SDLT-related measures were also announced last year and have already been the subject of intense scrutiny. However, there was one nasty surprise for diehard SDLT avoiders who have persisted in using subsale schemes since the last Budget.