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ALUN OLIVER suggests that the Chancellor, in his latest Budget, has launched an extremely costly raid on property investors.
KEY POINTS
- First year allowances temporarily extended.
- The introduction of an annual investment allowance.
- The phasing out of IBAs.
- Examples of the financial impact on industrial and hotel buildings.
- New rules for long life 'green' and renovated assets. * Reduction in plant and machinery allowances.
- New rules for 'integral fixtures'.
TEN YEARS ON and Mr Brown still regards the property industry as opaque to the great mass of voters — and thus an easy target with little perceived risk of voter rebellion. Whilst in 1997 his first Budget pillaged property coffers by increasing stamp duty; this time round in his eleventh budget Brown decided to snatch away capital allowances from industrial buildings hotels and agriculture. I am sure that many Labour backbenchers were as surprised as...
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