The Chancellor has today confirmed his intention to introduce higher rates of stamp duty land Tax (“SDLT”) for additional dwelling(s) purchased by an individual or a company at a rate of 3% above the normal SDLT rates. The higher rate will apply where the “effective date” is, or is after, 1st April 2016. To avoid the additional SDLT liability a buyer must complete the substance of the transaction by midnight of 31st March 2016 (i.e. payment of the purchase price and/or occupation) in addition to simply completing the paperwork.
The good news for commercial property investors is that reduced SDLT rates will apply for commercial property purchases with a value of less than £1.05m with effect from 17th March 2016.
-Marcus Brace, CJCH Solicitor
For further information please contact our commercial property department on +4429 2048 3181