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Welcome to the latest property and construction newsletter.

For those that have recently returned from the yearly trip to MIPIM, it is true that all good things do come to an end! The week following MIPIM saw the Chancellor announce his Spring Budget and the news for the Property and Construction industry was not good.

Hopefully you'll read with interest the updated Budget for Property and also Budget for Construction, which highlight the key changes. The changes to the capital allowances regime have not been welcome, but more importantly the impact of the changes to business rates is particularly of concern to the industry.

Further progress has been made on the New Lease Code and we include an article on the key features of this. It is hoped that these proposed changes will appease the Government on the need to formally legislate in this area.

With the 2012 Olympics looming, Compulsory Purchase Orders (CPOs) are beginning to come into fruition - indeed, there is current ongoing dialogue on the extent to which these are being used. That said, if you are in a position where it looks like you may be the recipient of one, I would suggest you read the article on CPOs, which highlights some of the areas you should not overlook. In these situations, it is important to maximise the post tax receipts that you are due under the Order.

We also cover the changes to Company Vans legislation, an area with significant impact on the Construction industry given the predominance of these. The significant increases in tax liabilities arising from the changes in rules should not be underestimated. Last but not least, there is an article giving details about the recently announced Tax Amnesty.

I would also like to mention that Grant Thornton has just published, in conjunction with CCH, a book entitled "The New Construction Industry Scheme". This book provides detailed guidance and advice on the new regime. For more information on how to obtain a copy, please contact Anne Whatley on 020 7728 3179.

Any queries, please give me or one of your Grant Thornton contacts a call.
Happy reading!

Neil Sturmey
Tax Partner
T: +44 (0)151 224 7214
E: neil.sturmey@gtuk.com

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