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Stamp duty overhaul announced
March 17th, 2016• Comments Off on Stamp duty overhaul announced• Posted By Greenwood
Commercial stamp duty will be overhauled with the introduction of a 0% rate on purchases up to £150,000, a 2% rate on the next £100,000 and a 5% top rate above £250,000. A new 2% rate for high-value leases with net present value above £5m will also take effect from today. The overhaul introduces a “slice” system, in which stamp duty is payable on the portion of each transaction that falls within the relevant price band. Large-scale professional landlords will also face a three percentage point stamp duty surcharge when buying rental properties, after George Osborne rejected proposals for an exemption for bigger investors.