Property purchase incentive

As was well flagged in advance of the Budget, the relief from CGT on properties purchased since 7 December 2011 and retained for at least seven years is to be abolished for purchases after 31 December 2014.

Windfall tax on development land

The special 80% windfall tax introduced in 2009 on profits from the rezoning of development land is being abolished from 1 January 2015. In future disposals of such land will be subject to the relevant rates of CGT or income tax as appropriate, in the same manner as disposals of any other assets.