Stamp duty rise blow to commercial property
Stamp duty rise blow to commercial property
- 1999
- RICS Press Release (179) 9 March 1999 (1) .
The RICS considers that the 0.5% increase in stamp duty in the budget is a major blow to commercial property, following on increases in the last two budgets. The rise will raise only £200-300m for the Treasury, but will damage the property market, wiping £12.5bn from the capital value of commercial property, at least £5bn from government property holdings, and making property a less attractive investment than shares. It will also be a disincentive to move house, particularly in the south east.
BUDGET 1999
RICS
STAMP DUTY
The RICS considers that the 0.5% increase in stamp duty in the budget is a major blow to commercial property, following on increases in the last two budgets. The rise will raise only £200-300m for the Treasury, but will damage the property market, wiping £12.5bn from the capital value of commercial property, at least £5bn from government property holdings, and making property a less attractive investment than shares. It will also be a disincentive to move house, particularly in the south east.
BUDGET 1999
RICS
STAMP DUTY