Charles Beer Partner KPMG reports on changes relevant to property in the Budget
Property businesses and occupiers heaved a huge sigh of relief on Budget day when they learned that the rates of stamp duty were not to increase. There was also confirmation of the exemption for commercial property in disadvantaged areas. However this was tempered by the confirmation that the new stamp duty regime (to be known as Stamp Duty Land Tax) will go ahead on 1 December 2003 and subject to further consultation will include lease duty at 1% of the net present value of rents.
Apart from this there were no great excitements in the Budget for property businesses although there were a number of minor changes. It is more interesting to note...
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Charles Beer Partner KPMG reports on changes relevant to property in the Budget
Property businesses and occupiers heaved a huge sigh of relief on Budget day when they learned that the rates of stamp duty were not to increase. There was also confirmation of the exemption for commercial property in disadvantaged areas. However this was tempered by the confirmation that the new stamp duty regime (to be known as Stamp Duty Land Tax) will go ahead on 1 December 2003 and subject to further consultation will include lease duty at 1% of the net present value of rents.
Apart from this there were no great excitements in the Budget for property businesses although there were a number of minor changes. It is more interesting to note...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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