Energy Saving Homes

Carbon Zero Homes

“Zero-carbon homes stamp duty not enough”, said Richard Forshaw, New Homes Director of Kinleigh Folkard & Hayward. “While the announcement by the Chancellor that buyers of new zero-carbon homes priced up to £500,000 will be exempt from stamp duty is superb news for consumers buying such a property, I am sceptical that the decision will have enough of an effect on the UK’s house builders to favour building zero-carbon homes, especially as this initiative is only set to last for the next four years, until September 2012. In its Code for Sustainable Homes, the Government has still not been 100% clear as to what constitutes a carbon-neutral home, whether it is fuelled by solar power, a biomass boiler or a wind farm. I believe the Government needs to make greater measures to encourage 99 per cent of our housing stock, not just newly built properties, to be more eco efficient. The Budget will have a minute effect on tackling the overall problem of the environmental change that we are facing.”

Recycling

Inheritance Tax

First-Time Leaseholders

AND FINALLY… A LITTLE BUDGET CHEER FROM ARMA!

This week’s budget brought good news for tens of thousands of residential leaseholders who had been suffering from a penalty tax rate of 40%. The Chancellor announced that the rate of tax on interest earned on communal reserve funds of blocks of flats was to be reduced to 20%, thus saving leaseholders some £3m of excessive tax. The Budget statement said: “The Finance Act 2006 provided relief from the 40% trust rate of tax on income arising from service charges and reserve funds in the social housing sector. Reserve funds are an efficient way to save money for the upkeep and repair of properties. To place the private housing sector on the same footing as the social housing sector, the Government announces that it will extend this relief to the income on service charges and reserve funds held by private sector landlords on trust.”
The Association of Residential Managing Agents (ARMA) and the Association of Retirement Housing Managers (ARHM) have been at the forefront of lobbying for this change for two years as it was clearly inequitable that the social housing sector paid a tax rate of 20% whereas private sector housing paid 40% for the same thing.
“We are delighted that our voice has now been heard,” commented David Hewett, Executive Secretary of ARMA, “and that the 1.5 million private sector leaseholders will now get a fair deal. We have worked very hard on their behalf to persuade the Treasury to change its mind. We see it as at least one small victory over legislation that continuously penalises leaseholders.”
Under the terms of most leases, leaseholders are required to contribute annually to a reserve fund set up to cover future major works. As these funds are held under a statutory trust the Treasury decided to have a one-cap-fits-all approach to interest earned of over £1000 by applying its trust tax rate of 40%. This rate was set to avoid wealthy people using trusts to avoid higher rates of income tax.
“We have always felt this was an absurd situation,” continued David Hewett, “which implies that all private sector leaseholders are rich and are seeking to avoid tax. It was also flying in the face of the government’s better housing policy by actually discouraging leaseholders from saving for the future maintenance of their buildings.”

NEWS ON THE BLOCK MAGAZINE

With the May issue of News on the Block magazine we will be launching a new publication called The Little Red Book – Who’s Who in Property Management. This will be a comprehensive listing in the form of a directory of property management agents and specialists in England and Wales.

The publication will be updated and published again in November.

If you would like your company to be listed in The Little Red Book for FREE, please request the submission guidelines from Tony Gold at tony@newsontheblock.com with ‘TLRB Submission Request’ in the subject line. We will also send you details about how to UPGRADE your entry.

You can speak with Tony Gold on 0207 616 5290 for other promotional opportunities in The Little Red Book, or to discuss this publication in more detail.

Highlights of The Little Red Book:

• FREE entry for all managing agents or UPGRADE your entry for as little as £50;
• During a 12-month period you can target 20,000 resident management company (RMC) directors and key members of the trade;
• The Little Red Book will be used for reference purposes by property professionals all year round;
• Editorial will include practical advice about the role of managing agents, how to choose a managing agent, how managing agents can help run your block, industry gossip and the latest news from the sector’s movers and shakers.

Closing date April 5th… so please hurry.

NEWS ON THE BLOCK’S RECRUITMENT BULLETIN…

Residential Block Manager

Campsie are a well-established firm of Chartered Surveyors. We are a forward thinking Property Services Company providing a wide range of services including residential sales and lettings, commercial agency, professional services, commercial property management and social housing management. We are part of the Orchard & Shipman Plc property group, which employs over 140 members of staff at six locations.

The company provides a supportive working environment with a strong focus on high quality customer service.

A fantastic opportunity has arisen to lead a dynamic residential block management department.

We are looking for an experienced block manager with:-
• Energy
• Drive
• Ambition
Excellent remuneration and benefits available

Please contact Helen Tindall, HR Manager with your CV and covering letter to
www.helen@campsie.com or phone 01895 208844

Campsie are an equal opportunities employer.

DISCLAIMER/LEGAL etc.