Budget reforms to Stamp Duty Land Tax are getting a mixed reception from the commercial property market. The changes are being described by some as an “out of the blue raid on commercial property”.
Whilst previously SDLT rates applied to the whole transaction value of a commercial property, from 17 March 2016 the rates will be banded and apply as follows:
• 0% up to £150,000
• 2% between £150,001 and £250,000; and
• 5% above £250,000.
The Treasury has said that 90% of transactions will attract the same or less SDLT – for example those buying commercial property worth up to £1.05 million will pay less.
Other changes include a new 2% stamp duty rate on leases with a net present value over £5 million.
Durlings have the expertise and local knowledge to carry out commercial valuations. Durlings are also able to offer both landlords and tenants representation in rent review or lease renewal negotiations. Find out more
Receive our newsletter and email alerts for new properties, developments opportunities and investments. Click here to sign up
22 Mount Ephraim Road,
Kent. TN1 1ED
t: 01892 552 500 | f: 01892 535 526