BUDGET 2016: 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%.
Chancellor George Osborne said that the new rates would raise £500m a year but would see 90% of investors in the commercial property world pay less tax.
He said the purchaser of a £275,000 pub in the Midlands would currently pay £8,000 in SDLT but from tomorrow would pay just £3,000.
Osborne said the changes were part of a Conservative budget to back small businesses.
• Click here for all the latest Budget news affecting the property industry
• To send feedback, e-mail Samantha.McClary@estatesgazette.com or tweet @Samanthamcclary or @estatesgazette
