Budget 2003

 
Introduction
Personal Income Tax
National Insurance 2003/04
Pensioners
Employees
Savings
Capitals Gains Tax
Stamp Duty
Inheritance Tax
Corporation Tax
Business Tax
Value Added Tax
Other Measures
Tax Tables
National Insurance
 
   




Stamp Duty


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).

Leases

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.

Tax Trap

If you are thinking of taking on a lease, it may be worth beating the charge.


Disadvantaged areas

Stamp duty continues to be subject to a favourable scheme on 2,000 "enterprise areas" (details can be found on the Revenue's website). Non-residential property is not charged to duty at all, and residential property is only charged if the consideration exceeds £150,000.



Website designed by
flamenewmedia.com

budget 2014 | budget 2013 | budget 2012 | budget 2011 |
budget 2009| budget 2008 | budget 2007 | budget 2006 | budget 2005 | budget 2004 |
budget 2003 | accountants | about us | services | testimonials | links | map | contact us |
Regulated by the Association of Chartered Certified Accountants