The Chartered Institure of Housing has published its interpretation of the budget….budget2012briefing
Key announcements affecting social housing include:
- a cap on the additional costs of Universal Credit of up to £2.5bn a year in the next spending review
- a consultation on the use of social housing Real Estate Investment Trusts (in Finance Bill 2013)
- a pledge to ‘take action’ if HRA reform increases public borrowing by current OBR estimates
In the detail there are a number of low-key announcements and reiterations you might like to note:
- an expectation that Right to Buy sales will generate up to £175m a year for the Treasury
- confirmation that tax relief on Stamp Duty for transfers to registered social landlords, shared ownership transactions and certain leases will be abolished
- confirmation of VAT exemption for services shared between VAT exempt bodies
- wholesale reform of Health and Safety regulations including RIDDOR
- announcement that the National Planning Policy Framework would be published at the end of March 2012
- minor changes to the household benefit cap as announced on 1 February
- £20m available to the not-for-profit advice sector in 2013–14, and again in 2014–15