Experts Say Small Business Will Welcome Announcement But Property Industry May Not Share Sentiment

In this afternoon’s Budget announcement, the Chancellor unveiled measures that he claimed would see "big tax cuts for small firms", with new rates for commercial stamp duty.

He said the move followed on from the success of stamp duty changes announced in a previous budget for people buying homes.

The new rates, which come into force from midnight, will start at zero up to £150,000, with a duty of 2% on the next £100,000, rising to 5% for costs over £250,000.

He added that transitional arrangements were in place for deals that are already in progress.

The Treasury estimates that changes will raise £500 million per year from 9% of those affected by the higher rates, while over 90% will see tax bills reduce or stay the same.

Partner and tax expert at law firm Irwin Mitchell, Alex Barnes, said: