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Simon Crookston, Partner, Crowe Clark Whitehill

Simon Crookston, Partner, Crowe Clark Whitehill

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Crowe Clark Whitehill survey leads to calls for stamp duty cut

Simon Crookston, Partner, Crowe Clark Whitehill

Simon Crookston, Partner, Crowe Clark Whitehill

Accountancy firm Crowe Clark Whitehill has called for stamp duty cuts to motivate the property market amid a predicted fall in prices from some quarters.

According to a survey conducted by the auditor, which has offices in Maidstone and Tunbridge Wells and is a corporate partner of Locate in Kent, around 43% of construction firms expect the value of commercial premises across the South East to fall in the next six months.

As a result the firm has suggested that the Government should cut stamp duty to increase deals and stimulate construction of offices, warehousing and manufacturing sites.

The survey, conducted at the Kent Construction Expo at Detling, also reported that 51% of the 56 respondents expected their business to grow.

Simon Crookston, partner at Crowe, said: “More than half of respondents (54%) believed the biggest barrier to business growth was the stamp duty land tax regime, with a further 12% perceiving it to be capital gains tax.

“We would urge the government to look at overhauling these tax regimes in order to fuel growth and investment.”

The questionnaire also that found 48% believed the EU Referendum’s result was not favourable to the UK property and construction market, with a further 42% not sure, and only 10% feeling it would be positive.

Mr Crookston added: “It is clear there are a combination of factors currently holding back investment, notably the uncertainty over Brexit, but also the current tax system.

“We have heard from some in the industry that a number of projects in the South East have been put on hold until the dust settles.

“With the pound having weakened there has been an immediate impact on the cost of materials, which is further contributing to a slowdown. There is now the need for the Government to act quickly and reassure the industry.”

Search and find the perfect commercial property in Kent for your business. Locate in Kent gives advice and relocation support to international and UK companies looking to move or expand. Call +44 (0)1732 520700 or email enquiries@locateinkent.com


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