Following George Osborne’s Budget yesterday, changes to the Stamp Duty Land Tax rates on non-residential property transactions will take effect today (17th March 2016).
Stamp Duty Land Tax rates used to apply to the whole transaction value. But from 17th March 2016, the rates will apply to the value of the property over each tax band.
What are the new rates?
The news rates are:
- 0% for the portion of the transaction value between £0 and £150,000
- 2% between £150,001 and £250,000
- 5% above £250,000
For those transactions that have already exchanged contracts but not completed when the changes come into force, transitional rules will ensure taxpayers will not lose out.
You can find the 2016 Budget in full here.
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