Housebuilder Top Tip - Budget 2014: Boost for housebuilders - DAC Beachcroft

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Housebuilder Top Tip - Budget 2014: Boost for housebuilders

Published On: 31 March 2014

Delivering his fifth Budget on 19 March 2014, the Chancellor George Osborne pledged to put an end to stamp duty avoidance by hitting companies purchasing properties worth over £500,000 with a levy of 15% of the purchase price.

The good news for housebuilders is that in situations where you acquire a residential house and its garden with the intention to build a new house in the back garden, and then sell the original property and the new house individually, you will not be caught by this new legislation.

You are not considered a "company" and caught by the new legislation provided that you acquire the property in the course of a bona fide property development business and for the sole purpose of developing and reselling the land.

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