On and after 17 March 2016, SDLT will be charged at each rate on the portion of the purchase price which falls within each rate band. The new rates and thresholds for freehold purchases and leases premiums are:
|Transaction Value Band Rate||Percentage|
|£0 - £150,000||0%|
|£150,001 - £250,000||2%|
One commercial property client, Sisu Properties, would have been affected by the changes had it not been for the quick reaction to the news by his solicitor Keeley Miller on the day of the announcement. The CEO commented "I am so impressed that you were able to react quickly to the surprise announcement in the budget yesterday and pleased to save £40k in tax for the company."
Find out more
For advice on the implications these changes may have on your commercial property transaction contact Julien Pritchard on 01708 229444 who will be happy to explain the changes in more detail.
This article was written by Julien Pritchard, Head of our Commercial Property Department at Pinney Talfourd Solicitors. The contents of this article are for the purposes of general awareness only. They do not purport to constitute legal or professional advice. Specific legal advice should be taken on each individual matter. This article is based on the law as at March 2016.