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Property Industry Mourns Missed Budget Opportunities

LONDON-Chancellor of the Exchequer Gordon Brown's sixth budget avoided the temptation to tax property more heavily, but some industry experts point to missed opportunities.

By Graham Parker | Updated on April 18, 2002

LONDON-Chancellor Gordon Brown’s delayed budget signalled the end for some increasingly popular tax avoidance schemes, but it opened up the prospect of new property investment opportunities in some deprived areas.

Brown resisted the temptation to raise the Stamp Duty property transfer tax again, after four rises since Labour came to power in 1997, but he did announce the closure of several loopholes that had allowed property investors to avoid the tax. At the same time he announced that commercial property investment in 2,000 areas of high unemployment across the UK would be exempt from Stamp Duty.

According to Chris Pieroni, Head of Research at Colliers CRE, this could lead to a revival in the investment market in places like Liverpool and the inner London boroughs.

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