Interesting and unexpected changes to the way SDLT is to be calculated for commercial properties will apply from midnight tonight. SDLT will now be calculated by reference to a series of SDLT rates that apply to the amount of consideration falling within each band. The new bands are:
Up to £150,000 0%
Over £150,000 and up to £250,000 2%
Over £250,000 5%
Given that SDLT on residential properties already follows this approach perhaps these changes should not come as a surprise…..
Mr Osborne gave owners of commercial property a fillip, however. He said rates of stamp duty land tax for commercial property will fall in the lower bands, with a zero rate for properties worth up to £150,000. The changes apply from midnight.