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Stamp Duty

In this concluding part of his series of articles on the Budget stamp duty changes Patrick Cannon Head of Stamp Taxes at PwC analyses the treatment of leases under the new Stamp Duty Land Tax
The treatment of leases under the new Stamp Duty Land Tax (SDLT) is currently a hot topic and the subject of much opposition from the commercial property industry. Retailers in particular have reacted with fury to the proposal to massively increase the tax charge on lease rentals with Dixons reported to have estimated a £2 million increase to their property costs and B&Q estimating an increase in their tax costs of £5 million. The proposed new flat rate charge of 1% on the aggregate of the rents payable over the term of the lease (discounted at a...

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