Stamp Duty on Commercial Property – Now 6%
Commercial Property Stamp Duty
Most people were shocked at the extreme jump in the commercial property stamp duty introduced by the budget and now to be extended by the Finance Bill.
Initially it was thought that the stamp duty would apply only to the purchase of commercial property, but now it seems that the Finance Bill will extend this to cover the purchase of individual assets from a Company. This latter type of transaction happens frequently when someone wants to purchase a business, but not take on the liabilities of the Company or business.
One slight concession to the increase in stamp duty is if land is purchased to be developed for housing, the developer or person purchasing can re-claim the difference in stamp duty (4%) provided they commence building on the site for house within a stipulated period.
Further, if a contract/agreement was in place prior to the Budget, the lower rate of 2% will apply to such purchases.
For further information on this or any other matter, please contact our office on 01-4540068 or email firstname.lastname@example.org for an appointment.
John Gaynor & Co Solicitors LLP
42-46 Thomas Street