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The Budget – Key points for the Property Industry

Market Overview

Stamp duty on Second Homes including Buy-to-Let

The Government confirmed that it will proceed with the proposed increase to Stamp Duty Land Tax when buying additional properties from 1st April 2016.
  • New Stamp Duty Land Tax (SDLT) on commercial property is changing to the ‘slice’ system: 0% up to £150,000, 2% on next £100,000, 5% on consideration over £250,000.
  • New 2% rate for high-value leases with net present value above £5,000,000.
  • Buyers of commercial property worth up to £1,050,000 will pay less in stamp duty.
  • Effective from 17th March 2016.
  • Stamp Duty rates for leasehold rent transactions will also change, with a new 2% Stamp Duty rate on leases with a net present value over £5,000,000.
New stamp duty rates for commercial property

Capital Gains Tax

  • From April 2016, the higher rate of Capital Gains Tax will be cut from 28% to 20% and the basic rate from 18% to 10%.
  • There will be an additional 8 percentage point surcharge to be paid on residential property and carried interest.
  • Capital Gains Tax on residential property does not apply to your main home, only to additional properties.
  • Effective from 6th April 2016

Corporation Tax

  • Headline rate of Corporation Tax – currently 20% – to fall to 17% by 2020
  • Will benefit over 1,000,000 businesses

Try our new tool to calculate your Stamp Duty liability for the property you wish to buy

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