An untimely sick day has not helped my appraisal of the budget this week. Not that much untoward really seems to have happened with a lightening of the austerity for the NHS and some welcome minor tax changes (to call them cuts, when all it is the thresholds not being moved up to increase tax, is something only true lefty could hold out as true).
In the long-term there are some details, buried in the report, on the continuing changes in the property world to balance up more the benefit of being an onshore holder of property. This is to slow the pace of offshore acquisitions and holdings of UK property in foreign funds for tax advantageous reasons. This will slowly lead to a disincentivising of holding UK property for overseas buyers (relative to other jurisdictions), given we are the best place in the world by miles, these changes are a good idea as they will slowly help improve the tax base.
Most importantly, all these years in parliament and our own contributor here BQ has finally, finally managed a bit of pork-barrelling for his own BQ industries - maybe too little, too late. But the direction on reducing business rates for small businesses is a very long-overdue and worthy idea. Congratulations Bill!
