The Government's latest tax looks set to bite the Sussex commercial property market, according to John Ely at Humberts Commercial in Brighton.
December 1 will see a rise in stamp duty on commercial property leases, potentially raising payments tenfold.
Mr Ely said: "The new charges will be based on one per cent of the total rent payable over the entire period of the lease - subject to a discount of 3.5 per cent per annum.
"This means a commercial property rented at £75,000 per annum on a 15-year lease will incur about £10,000 of stamp duty.
"My advice to landlords and tenants is to ensure any new lettings or lease renewals are completed before this new tax comes into force."
Tuesday November 04, 2003
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