BUDGET 2016: BNP Paribas Real Estate has said that the SDLT changes announced in today’s Budget are “disappointing”.
Chief executive John Slade said: “These changes are disappointing, and will act to reduce liquidity in the commercial property market. Given the amount that a higher top rate will raise it is doubtful that this is a risk worth taking. The institutional private rented sector will have a vital role to play in meeting the UK’s desperate need for homes and should be encouraged, not penalised, by the tax system.”
From midnight tonight stamp duty on commercial properties valued at up to £150,000 will be cut to 0%, bringing it in line with residential SDLT, the chancellor of the exchequer announced today.
Commercial properties valued at up to £250,000 will pay 2% SDLT and those valued at above £250,000 will pay 5%.
