Spring Statement 2020

Against the backdrop of the coronavirus outbreak, Chancellor Rishi Sunak delivered his Spring budget to parliament on 11 March 2020.

The key themes were clear from his speech:

“Yes, this virus is the key challenge facing our country today. But it is not the only challenge.

We have just had an election where people voted for change.

Change in our economy, change in our public services, change in the cost of living, change in our economic geography.

This Budget delivers on that change.

Yes, as we deal with coronavirus it is a Budget that provides security today.

But it is also a plan for prosperity tomorrow.”

Putting the virus to one side, what does it mean for island residents?

Well, nothing drastic it would seem. As we have come to expect, there is a further narrowing of the cross hairs on non-residents looking to buy UK property. A 2% Stamp Duty Land Tax surcharge for non-UK residents purchasing residential property in England and Northern Ireland will take effect from 1 April 2021.

Whilst this measure is another incentive not to buy UK property, other previous measures have already made this area unattractive.

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If you would like to speak to a member of our team about any of the issues highlighted, please get in touch by phone on 679524 or send a message to email@hardinglewis.com.