Stamp duty relief on commercial property in disadvantaged areas was abolished with immediate effect in the Budget on Wednesday 16 March 2005. The Chancellor announced that the commercial SDLT disadvantaged areas relief has to be replaced with a Local Enterprise Growth Initiative, aiming to encourage enterprise in deprived areas.

The Budget also revealed a doubling of the SDLT residential threshold to £120,000.

The Chancellor has also pledged the introduction of legislation for UK real estate investment trusts (REITs) in the spring 2006 Finance Bill.

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