Revised stamp duty rates for commercial property were announced in the Budget this week.
The way stamp duty on freehold commercial property and leasehold premium transactions is calculated will change. Currently, these rates apply to the whole transaction value. As of today (17 March 2016) the rates apply to the value of the property over each tax band.
The new rates and tax bands are 0% for the portion of the transaction value up to £150,000, 2% between £150,001 and £250,000, and 5% above £250,000.
Buyers of commercial property worth up to £1.05m will pay less in stamp duty.
Stamp duty rates for leasehold rent transactions will also change, with a new 2% stamp duty rate on leases with a net present value over £5m.
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