Speed Read: Budget 2010 contained some key measures affecting property. A relief from SDLT was introduced for first-time buyers purchasing property up to £250,000 but there is a new rate of 5% for residential property worth over £1 million starting from April 2011. New SDLT anti-avoidance was introduced for partnerships with potentially uncertain effect. REITs obtained the flexibility to meet their 90% distribution condition by issuing stock dividends as well as cash dividends. Annual Investment Allowance was doubled to £100,000 but the existing first year allowance of 40% was not extended beyond April 2010. Empty property relief has been extended and business rates relief increased for small property.
