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Stamp Duties
The rate of stamp duty / stamp duty reserve tax on the transfer of shares and securities is unchanged at 0.5 per cent for 2003/04.
Stamp taxes from Budget day to 30 November 2003
| Transfers of property (consideration paid) |
| Rate (%) |
All property |
Disadvantaged areas |
| |
Residential |
Non-residential |
| Zero |
£0 - £60,000 |
£0 - £150,000 |
All |
| 1 |
Over £60,000 - £250,000 |
Over £150,000 - £250,000 |
|
| 3 |
Over £250,000 - £500,000 |
Over £250,000 - £500,000 |
|
| 4 |
Over £500,000 |
Over £500,000 |
|
|
| New leases (lease duty) |
| Duty on rent |
| Term |
Rate of charge on average annual rent |
| Not exceeding 7 years |
1 per cent * |
| More than 7 years but not exceeding 35 years |
2 per cent |
| More than 35 years but not exceeding 100 years |
12 per cent |
| More than 100 years |
24 per cent |
| * applies only where the rent exceeds £5,000 per annum |
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Duty on premium is the same as for transfers of property (except special rules apply for premium where rent exceeds £600 annually)
Stamp taxes from 1 December 2003 (implementation of stamp duty land tax)
| Transfers of property (consideration paid) |
| Rate % |
All land in the UK |
Land in disadvantaged areas |
| Residential |
Non-residential |
Residential |
Non-residential |
| Zero |
£60,000 |
£150,000 |
£150,000 |
All |
| 1 |
Over £60,000 - £250,000 |
Over £150,000 - £250,000 |
Over £150,000 - £250,000 |
|
| 3 |
Over £250,000 - £500,000 |
Over £250,000 - £500,000 |
Over £250,000 - £500,000 |
|
| 4 |
Over £500,000 |
Over £500,000 |
Over £500,000 |
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| Property that is not land, shares or interests in partnerships will no longer be subject to stamp duty. |
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| New leases |
| Proposed duty on rent* |
| Rate % |
Net present value of rent |
| Residential |
Non-residential |
| Zero |
£0 - £60,000 |
£0 - £150,000 |
| 1% |
Over £60,000 |
Over £150,000 |
| * Subject to consultation |
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Duty on premium is the same as for transfers of land (except special rules apply for premium where rent exceeds £600 annually).
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