Government’s tax and spending plans revealed in Budget

Delivering his first Budget in the House of Commons, Chancellor Rishi Sunak laid out the government’s plans for the year ahead.

Housing & transport links

By mid-2025, more than £600bn is set to be spent on transport links such as roads and rail, plus housing and broadband.

£27bn of that will be set aside for motorways and other arterial roads, while £2.5bn will be made available to fix potholes and resurface roads in England.

Stamp duty surcharge for Foreign buyers of properties in England and Northern Ireland will see the stamp duty surcharge levied from April 2021 at 2%.

In addition, following the devastation of Grenfell, a new £1bn fund was announced. This funding will be used to remove all unsafe combustible cladding from all public and private housing higher than 18 metres.

Health

The NHS was a clear winner in the latest Budget with £6bn in extra funding promised over the next five years. This money is set to pay for staff recruitment and start the upgrade of hospitals. In addition, a £5bn emergency response fund has been allocated to support the NHS and additional public services in England. However, many see this as the government reversing the cuts made during austerity measures.

Employees

There is good news for consumers though with the tax threshold for National Insurance Contributions to rise from £8,632 to £9,500 which means that half a million employees will be removed from being taxed. It also means that for those earning £9,500 per year, will be – on average – £85 better off each year.

Women’s health

A great result for women everywhere was the abolition of the ‘tampon tax’ which previously meant that women’s sanitary products incurred VAT of 5%.

Fuel & lifestyle

When it comes to fuel, for the tenth consecutive year fuel duty has been frozen; as has duties applicable to beer, cider, wine and spirits. However, tax on tobacco will rise another 2% above the rate of retail price inflation. In real terms, this means that the price of a pack of 20 cigarettes will rise by 27 pence while 14 pence will be added to a packet of cigars.

The environment

Plastic consumption – which has preyed on the minds of consumers and activists – also sees a positive change, as announced in the Budget. A new plastic packaging tax is due to come into force from April 2022 which will mean that manufacturers and importers whose products have less than 30% recyclable material will face a fee: £200 per tonne. A good step forward in helping to eradicate single use plastic.

Climate fund

Communities have been left devastated by recent storm flooding and Sunak announced that £120m in emergency relief will be provided for English communities affected. £200m is also being made available to put towards flood resilience plans, with flood defences in England set to double to £5.2bn over the next five years.

Sales

Our highly experienced team are well equipped with extensive local knowledge and expertise to assist in selling your property. Our sales progression team has been developed to ensure all parties are kept informed and the sales process moves forward smoothly.

Lettings & Property Management

We work with a number of landlords across Cardiff and the Vale of Glamorgan to manage and maintain their property. This includes finding suitable and reliable tenants while ensuring the property is well looked after and payments are managed.

Probate Services & Estate Management

Our Estate management and probate valuation services are available across the UK. We offer a bespoke service depending on the client’s needs and have experience working across Wales and England.

Land, New Homes & Part Exchange

We assist property developers of all sizes with many aspects of development land and new homes; assessing and finding potential development land sites, marketing and selling new build property and the valuation and disposal of part exchange property.

Featured Properties

FREE Instant Online Valuation

Fees

Refundable Holding deposit - Capped at 1 weeks rent

Security Deposit - Capped at 5 weeks rent for annual rental under £50,000, or 6 weeks rent for annual rental over £50,000

Rent - The agreed monthly rent

Changes to tenancy - Capped at £100 inc VAT

Early termination charge - Not exceeding the landlord’s financial losses

Late payment of rent - Interest of 3% above BoE base rate for each day the rent is late, once it is 14 days overdue

Replacement keys - Reasonable costs or give the tenant the option to purchase themselves

Utilities, council tax, communication services, TV Licence etc - Tenants own responsibility unless otherwise stated in contract