Budget 2020: Increase in commercial stamp duty
Commenting on the increase in the rate of commercial stamp duty, Padraic Whelan, Tax Partner, Deloitte, commented:
The Minister has signalled in his speech the intention to increase the rate of commercial stamp duty from 6% to 7.5%. There has been quite a lot of commercial activity over the past four or five years so it appears the Government must expect that to continue strongly given the hike in the rate to 7.5%. We would advise caution to the extent that such increases, if continued in later Budgets, could unduly slow down commercial activity and foreign direct investment post Brexit.
From a residential perspective, the market continues to struggle to deliver supply and it looks like no government intervention will happen through the tax system to assist that recovery.
That said, the additional spend on social housing is welcome and hopefully can be delivered as expected within the timeframes anticipated. In addition, the extension of the help-to-buy scheme was widely expected, and it may well be extended again in future.
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