| |
Stamp
Duty
| Stamp duty, stamp duty reserve tax (SDRT)
and stamp duty land tax (SDLT) are charged on transactions
in shares and land. The rates are: |
|
|
| * |
shares (stamp
duty/SDRT) |
0.5% |
| * |
land (SDLT): |
|
| |
- up to threshold |
0% |
| |
- threshold
- £250,000 |
1% |
| |
- £250,001
- £500,000 |
3% |
| |
- over £500,000 |
4% |
|
| The threshold depends on whether the
property is residential or commercial and whether
it is in a "disadvantaged area": |
| |
Residential |
Commercial |
| General |
£125,000 |
£150,000 |
| Disadvantaged |
£150,000 |
£150,000 |
| |
From 1 October 2007 the first sale of
a new "zero carbon" house will be exempt
from SDLT if the value is up to £500,000.
Stamp duty is charged on the total consideration,
and is always rounded up to the nearest £5.
SDLT is charged on the whole consideration and is
rounded down to the nearest £1.
SDLT is charged on the grant of a lease on any premium
(using the above rates) and on the discounted net
present value of the rental stream. This charge
is at 1% of the excess of the NPV over the threshold.
Gifts, wills and other 'gratuitous transfers'
are generally not liable to duty at all.
Stamp duty and its related taxes are normally due
from the purchaser within 30 days of the chargeable
transaction. |
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