Brendan Burgess
Founder
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Increase in Stamp Duty on Non-residential Property
The rate of stamp duty applicable to non-residential property
transactions will be raised from 6% to 7.5% from Budget night.
This will be subject to transitional arrangements whereby the existing
6% rate will apply to instruments executed before 1 January 2020
where a binding contract existed prior to Budget day (8
October
2019).
Consequential amendments will also be made to the legislation
relating to the repayment of stamp duty where the land involved is
subsequently used for residential development, so as to ensure that
the rate of stamp duty chargeable after a full refund remains at 2%.
The rate of stamp duty applicable to non-residential property
transactions will be raised from 6% to 7.5% from Budget night.
This will be subject to transitional arrangements whereby the existing
6% rate will apply to instruments executed before 1 January 2020
where a binding contract existed prior to Budget day (8
October
2019).
Consequential amendments will also be made to the legislation
relating to the repayment of stamp duty where the land involved is
subsequently used for residential development, so as to ensure that
the rate of stamp duty chargeable after a full refund remains at 2%.
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