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Commercial stamp duty changes a welcome boost to SMEs

POSTED: 16th March 2016
IN: Newsroom
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Commenting on new stamp duty bands for commercial property, Charles Haresnape, Group Managing Director at Aldermore said:

“The new tiered system of stamp duty rates for commercial property will be a real positive for smaller businesses in particular as they will no longer be hit by large-scale rises under the current slab system when investing in properties just over a band boundary. Smaller developers who are vital to solving the housing supply issues in the UK continue to struggle with access to finance, with a recent industry survey showing that more than 50,000 construction and real estate firms began the year in ‘significant’ financial distress.

“We are pleased to see the government recognising the importance of the contribution that SMEs make to the UK economy, and reforms to stamp duty and business rates will provide an enormous boost to those considering further investment over the coming year."

**Ends**

For further enquiries, journalists can contact:

Rachael Snelling, Aldermore

Phone:          0208 1853 102

Email:           Rachael.Snelling@aldermore.co.uk

 

Johnathan Priestley, Cicero Group

Phone:          0207 297 5954

Email:           Johnathan.Priestley@cicero-group.com

Aldermore

Aldermore Group PLC is a specialist lender and savings bank offering straightforward products to Small and Medium-sized Enterprises (SMEs), homebuyers and individuals, who we believe are often under- or  poorly served by the wider market. Aldermore has no branch network but serves customers and intermediary partners online, by phone and face to face through its network of regional offices located around the UK. Building on its core values of being reliable, expert, dynamic and straightforward, Aldermore aims to deliver banking as it should be. Established in 2009, Aldermore has grown significantly. At the end of December 2015, lending to customers stood at £6.1 billion and customer deposits totalled £5.7 billion. For more information, please visit www.aldermore.co.uk.

Aldermore Bank PLC is an operating entity of Aldermore Group PLC. In March 2015, Aldermore Group PLC’s shares (ALD.L) listed on the Main Market of the London Stock Exchange. Aldermore Bank PLC is regulated by the Prudential Regulation Authority and the Financial Conduct Authority and is registered under the Financial Services Compensation Scheme.

Notes to Editors:
For further information about Aldermore, our financial backers and our PR contacts, please review our Notes to Editors page.

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