Rates & Allowances - 2007 / 2008
Stamp Taxes
The rate of stamp duty / stamp duty
reserve tax on the transfer of shares and securities is unchanged at 0.5 per cent.
Stamp Duty Land Tax
Transfers
of property are subject to stamp duty land tax at the following rates:
|
Consideration paid |
Land in disadvantaged areas |
Other land in the UK |
|
|
Residential |
Non-residential |
Residential |
Non-residential |
|
Up to £125,000 |
0% |
0% |
0% |
0% |
|
£125,001 to £150,000 |
0% |
0% |
1% |
0% |
|
£150,001 to £250,000 |
1% |
1% |
1% |
1% |
|
£250,001 to £500,000 |
3% |
3% |
3% |
3% |
|
Over £500,000 |
4% |
4% |
4% |
4% |
Partnerships
Stamp
duty continues to apply to transfers of partnership interests, but the amount payable will not exceed the amount that would
have been payable on the value of any shares or secutities included in the transfer.
Stamp
duty land tax applies to the transfer of an interest in land into or out of a partnership or the transfer of an interest in
a partnership (where the partnership property includes an interest in land). This applies only to partnerships whose main
activity is not the carrying on of a trade (other than a trade of dealing in or developing land) or a profession.
New Leases
Duty
is charged according to the net present value of all the rental payments over the term of the lease (NPV), with a single rate
of 1% on residential NPV's over £125,000 and on non-residential NPV's over £150,000.
VAT
is excluded from treatment as consideration provided the landlord has not opted to charge VAT by the time the lease is granted.
Lease premiums
Duty on premiums is the same as for transfers of land (except
that the zero rate does not apply where rent of over £600 annually is also payable).
