Stamp Duty

Walter Sinclair and Barry Lipkin

Chapter Chapter 24 in Tax Guide 2014–2015, 2014, pp 404-411 from Palgrave Macmillan

Abstract: Abstract Stamp duty has long been the most modest of capital taxes but the ‘take’ has been increasing. Although many of the rates remain very low, stamp duty is likely to arise on some of your major capital transactions and can involve significant sums. Moreover, persistent avoidance has provoked legislative action in respect of ‘enveloped’ high value residential properties (15.10.26), introduced from 22 March 2012 with a threshold of £2m, which has been reduced to £500,001 from 20 March 2014. The SDLT charges entered into force before the scope of the exemptions from this regime were settled — mainly with effect from 17 July 2013. Thus the special SDLT provisions will have caught some transactions prior to that date, where the purchaser would now be within an exemption. The brief outline given below concentrates on the ad valorem duties, which are charged according to the value of a transaction, rather than the less significant fixed duties.

Date: 2014
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DOI: 10.1057/9781137411945_24

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