From GOV.UK: From 17 March 2016 the way stamp duty on freehold commercial property and leasehold premium transactions is calculated will change.
Currently, these rates apply to the whole transaction value, from today the rates will apply to the value of the property over each tax band.
The new rates and tax bands will be 0% for the portion of the transaction value up to £150,000; 2% between £150,001 and £250,000, and 5% above £250,000.
Buyers of commercial property worth up to £1.05 million will pay less in stamp duty.
Stamp duty rates for leasehold rent transactions will also change, with a new 2% stamp duty rate on leases with a net present value over £5 million.
For further information on the 2016 budget please click here or contact our Commercial Property team to find out how the changes affect you.