Personal Income Tax
National Insurance 2003/04
Capitals Gains Tax
Value Added Tax
Restriction of scope
From 1 December 2003 Stamp Duty will only apply to transfers of land, shares and interests in partnerships. Intellectual property and goodwill have been exempted by recent Budgets, but this change removes any other property (such as debts) from the charge. Non-residential land will also be subject to a nil rate where the consideration does not exceed £150,000 (at present £60,000).
At present, duty on the grant of a lease is calculated at a percentage
(between 1% and 24%, depending on the length of the lease)
of the average annual rent. It is proposed to change this to a charge
of 1% of the discounted value of the total rent payable under
the lease. This is likely to be significantly higher than the current
charge in most cases. This change will follow after consultation.
If you are thinking of taking on a lease, it may be worth beating the charge.