Stamp taxes are payable on land, property and shares.

Stamp duty land tax applies to contracts entered into (or varied) after 10 July 2003 and completed after 30 November 2003 and to leases granted after that date.

Rate

Residential property

In Disadvantaged areas

0 - 125,000

0 - 150,000

0 - 150,000

1%

125,000 - 250,000

150,000 - 250,000

150,001 - 250,000

3%

250,000 - 500,000

250,000 - 500,000

250,001 - 500,000

4%

Over 500,000

Over 500,000

Over 500,000

Duty on the premium is the same as for transfers of land (except that special rules apply for non-residential land and property premium where rent exceeds £1,000 annually. From 12 March 2008, the rules no longer apply to residential property). Duty on the rent is charged on any part of the net present value (NPV) which exceeds the threshold.

Rate

Net present value of rent

0.5%