Stamp duty hike devalues commercial properties

COMMERCIAL property values have been undermined by the hike in stamp duty from 6% to 9%.

Last night, a property expert said the move had devalued commercial properties by 3% at a stroke, undermining the value of pension funds already reeling from the three-year stock market slump. Commenting yesterday, CB Hamilton Osborne King chairman Ian French said the increase in stamp duty would have several negative effects. It will almost certainly impact on the minister’s strategy of increasing the tax take from this sector.

It will also force more people to look at other investment options outside the country, he warned.