BusinessCompany NewsBUDGET 2002: Tax boost for disadvantaged areas

BUDGET 2002: Tax boost for disadvantaged areas

Investors in 'designated' neighbourhoods are to benefit from additional tax cuts.

Around 2,000 disadvantaged areas will benefit from a complete abolition of stamp duty as well as a reduced rate of VAT on conversions.

Further tax incentives will be used to encourage developers to clear up contaminated land and convert spaces above shops into flats.

Additionally, a £40m new community tax credit will be introduced backed by a community venture capital fund.

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