March 17th, 2016 / Insight posted in MKS Comments – Budget 2016: Higher stamp duty land tax rates for commercial property transactions

From 17 March 2016, the rates will apply to the value of the property over each tax band, unlike the current system where the apply to the whole transaction value. The Chancellor confirmed that these rates will be reformed to a slice system, so that SDLT is payable on the portion of the transaction value which falls within each tax band. The measure changes the rules for calculating the SDLT charged on purchases of non-residential properties and transactions involving a mixture of residential and non-residential properties. Mark Fielden, Tax Partner at Kingston Smith comments on the impact of these changes.

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