Stamp duty rise blow to commercial property
Language: English Series: RICS Press Release ; (179) 9 March 1999 (1)Publication details: 1999Subject(s): Summary: 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.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| News article | London News article | WB3510-16 (Browse shelf(Opens below)) | 1 | Available | 91936-1001 |
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.