Budget 2016 introduces new stamp duty rates for commercial property
Yesterday’s budget changed the stamp duty land tax rates for sales and leases of commercial property with effect from today.
For sales, the new structure adopts the fairer ‘slice’ system under which that part of the entire price falling within a particular band is taxed at the rate applicable to that band. This replaces the existing ‘slab’ system under which stamp duty land tax is levied at a single rate on the whole price for the transaction.
The new rates for commercial sales and lease premiums are as follows:
Up to £150,000 – 0%
Exceeding £150,000 up to £250,000 – 2%
Exceeding £250,000 – 5%
An experienced commercial property specialist, Alasdair deals with a wide range of work in relation to sales & acquisitions, development transactions, landlord and tenant and property management matters. He has particular expertise in property investments, property management, clawback, overage, options, business leases and development and security documents.We're here to help