Budget 2003

Personal Income Tax
National Insurance 2003/04
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).


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.

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