Autumn Statement & King’s Speech

The Autumn Statement (November 2023) was not big on changes to property tax however there were a few points of note:-

• 75% business rate relief for retail, hospitality, and leisure property has been extended although it remains a ‘temporary’ measure.
• A similar extension to the small business rate multiplier freeze was announced.
• The Local Housing Allowance rates have been raised with effect from April 2024 which is estimated to benefit 1.6 million low income households to the tune of circa £800 a year on average.

Earlier in the month the King’s Speech included reference to a new Leasehold & Freehold Reform Bill. This is expected to increase the statutory lease extension term from 90 years to 990 years and will remove the presumption for leaseholders to pay freeholders’ legal fees when challenging bad practice. All new houses built are to be prohibited from being leasehold.