Stamp Duty Land Tax

Treasury written question – answered on 3rd November 2003.

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Photo of Mark Prisk Mark Prisk Shadow Paymaster General

To ask the Chancellor of the Exchequer what estimate he has made of the proportion of leases which will pay (a) less stamp duty, (b) more stamp duty and (c) the same amount of stamp duty following the recent changes to the charging of stamp duty on leases.

Photo of Ruth Kelly Ruth Kelly Financial Secretary, HM Treasury

The effect of the introduction of Stamp Duty Land Tax on 1 December 2003 (including the effect of the changes announced recently) is:

Percentage
Paying less duty (39)74
Paying the same duty (40)15
Paying more duty 11

(39) Of which 72 per cent. reduced to nil.

(40) All of which currently pay nil.

As a result of the increases in the thresholds for commercial and residential leases, from 1 December 2003, 87 per cent. of leases will pay no Stamp Duty Land Tax (compared with 15 per cent. who were exempt under stamp duty) and a further 2 per cent. will pay less Stamp Duty Land Tax than they would have paid stamp duty.

As a result of the changes, only 11 per cent. of leases will pay more Stamp Duty Land Tax than they would have paid stamp duty.

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