Introductory guide to stamp taxes
Introductory guide to stamp taxes

The following Private Client guidance note provides comprehensive and up to date legal information covering:

  • Introductory guide to stamp taxes
  • Stamp duty land tax (SDLT)
  • Territorial scope of SDLT
  • Rates of SDLT—general
  • Rates of SDLT—rent
  • Scotland—land and buildings transaction tax (LBTT)
  • Wales—land transaction tax (LTT)
  • SDLT compliance
  • Penalties for SDLT non-compliance
  • SDLT and gifts
  • more

FORTHCOMING CHANGE on aligning the stamp duty and SDRT consideration rules: A consultation ran from 7 November 2018 to 30 January 2019 on: (i) aligning the stamp duty and stamp duty reserve tax (SDRT) consideration rules (one of the recommendations made by the Office of Tax Simplification in 2017) and (ii) introducing a general connected party market value rule, both of which are intended to simplify the stamp tax rules applicable to shares and to prevent contrived arrangements being used to avoid stamp tax on share transactions. See consultation.

FORTHCOMING CHANGE relating to 1% surcharge on non-residents buying residential property: Following an announcement at Budget 2018, the government consulted on the design of a 1% stamp duty land tax (SDLT) surcharge on non-UK residents purchasing residential property in England and Northern Ireland from 11 February to 6 May 2019. See consultation.

Stamp duty land tax (SDLT)

The stamp duty land tax (SDLT) provisions are set out in Part 4 of the Finance Act 2003 (FA 2003). The legislation provides that SDLT shall be charged on land transactions. A land transaction is defined as the acquisition of a chargeable interest.

For further detail on the meaning of a chargeable transaction including what a chargeable interest is and when it is acquired, see Practice Note: Land transactions, chargeable interests and chargeable transactions.