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No 'mansion tax' in autumn statement

Chancellor George Osborne has confirmed that the government “won’t introduce a new tax on property” in his autumn statement.

He also said the government would provide funding for 120,000 new homes, though it was not clear if this amounted to any new funding.

And a “long grace period” was promised before newly completed buildings would have to pay empty property rates, to be introduced from next October.

Other announcements included an extension of small business rates relief to 2014, and a tenfold increase in the annual investment allowance in plant and machinery, from £25,000 to £250,000.

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