00:00 I've also been looking at stamp duty relief for people who purchase more than one dwelling
00:07 in a single transaction, known as multiple dwellings relief. I see the Deputy Leader
00:13 of the Labour Party paying close attention, given her multiple dwellings.
00:20 Order, order, order, order. Too much excitement. We haven't actually heard, because we can't
00:44 hear what the Chancellor is trying to say. Okay, I can hear who is shouting there. You
00:51 won't get to speak later. Chancellor.
00:57 I'm sorry to disappoint her, but multiple dwellings relief was not actually designed
01:01 for her. It was intended to support investment in the private rented sector, but an external
01:16 evaluation found no strong evidence that it had done so, and that it was being regularly
01:21 abused, so I'm going to abolish it.
01:24 Finally, as part of this Budget, both the Treasury—part of our look on property taxation—and
01:31 the OBR have looked at the costs associated with our current levels of capital gains tax
01:37 on property. They have concluded that if we reduced the higher 28% rate that exists for
01:45 residential property, we would in fact increase revenues because there would be more transactions.
01:52 For the first time in history, both the Treasury and the OBR have discovered their inner Laffer
01:56 curve. So today I am going to reduce the higher rate of property capital gains tax from 28%
02:13 to 24%. That really is for you, Angela.
02:25 [BLANK_AUDIO]
Comments