In the latest report from HMRC, non-residential property transactions are higher than the previous month by 5.4% but are down 3.8% compared to the same period last year.
We share the highlights of the monthly HMRC report every month but thought it would be useful this month to give some background on how the data is pulled together. Every month the HMRC reports estimates of the number of residential and non-residential property transactions in the UK. Figures are based on transactional records by HMRC, Revenue Scotland and the Welsh Revenue Authority (WRA).
Most UK land and property transactions will be notified to HMRC directly on an Stamp Duty return even if no tax is due. Only transactions with a value of less than £40,000 don't require notification.
Transactions are presented by date of completion and as purchasers have 14 days from completion to submit their SDLT return, estimates for the latest month are therefore provisional.
Non-residential transactions include commercial property; agricultural land; forests; any other land or property that is not residential; six or more residential properties bought in a single transaction. and mixed use transactions.
Despite the figures recorded for November 2019 being lower than November 2018, non-residential property transactions have remained stable over the last 10 years.
If you would like an illustration on a current or forthcoming commercial property purchase, then please do not hesitate to get in contact. Talk to the experts, talk to Bridging Vat.
info@bridgingvat.com or by telephone on 01206 645 050.