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|CREFC Europe respond to Budget changes to SDLT and BEPS and interest deductability|
|Thursday, 17 March 2016|
Peter Cosmetatos, CEO, CREFC Europe, said: "While there are a few positives in this budget – such as certain business rate changes – there is further evidence that the government doesn't fully appreciate the essential role large-scale, strategic property investment plays in our economy.
The stamp duty announcements in particular will surely end up hitting regeneration and mixed-use place making, so even small businesses will suffer indirectly from higher rates for bigger transactions. If we are serious about re-booting our economy by being a nation of builders, hitting the institutional PRS and commercial investment with extra SDLT makes no sense. The government risks stifling interest in our economy and driving much-needed investment away.”
BEPS and interest deductibility
Peter Cosmetatos, CEO, CREFC Europe, said: “By rushing to adopt OECD plans restricting interest deductibility the chancellor risks undermining investment just when we need it most. Capital-intensive businesses like commercial property rely on debt to fund investment. While we support OECD and G20 efforts to counter international tax avoidance, rushing in such measures could be harmful to investment in UK cities.”
Stamp duty land tax
Peter Cosmetatos, CEO, CREFC Europe, said: “For investors in larger properties, the change to the SDLT rules effectively means that their stamp duty tax bills will go up by almost 25 per cent overnight. The likelihood is that this cost will ultimately be passed on to tenants. Small businesses may find themselves the unintended victims of a tax change that was said to be directed at helping them.”
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