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Duties

Stamp Duty Land Tax

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Residential Land or property

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From 4th December 2014, Stamp Duty Land Tax (SDLT) will be charged at each rate on the portion of the purchase price which falls within each rate band.

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From 1st April 2016, if buying a residential property means you’ll own more than one, you’ll normally be subject to an additional 3% charge on the rates detailed below.

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Rates pre 4th December, The applicable rate of Stamp Duty Land Tax must be applied to the whole of the consideration paid to acquire the land / buildings.

Non-Residential land or property

Higher rate for corporate bodies

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From 20 March 2014 residential properties bought for over £500,000 are subject to SDLT at the rate of 15% where the property is acquired by a non-natural person such as a company, partnership or collective investment scheme. For sales in the period: 22 March 2012 to 19 March 2014 the 15% rate of SDLT only applied to properties sold for £2 million or more where the buyer was a non-natural person.

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Non-Residential land or property

Please note that when calculating duty payable on the 'NPV' (Net Present Value) of leases, you must reduce your 'NPV' calculation by the following before applying the 1% rate.

Residential - £125,000

Non-Residential - £150,000

Duty on premium is the same as for transfers of land (except special rules apply for premium on non-residential properties where the rent exceeds £1000 annually).

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Bingo Duty

The percentage of bingo promotion profits paid in duty is cut from 20% to 10% with effect from 30 June 2014.

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Machine Games Duty (MGD)

This duty was introduced from 1 February 2013, and must be collected by the owner of the premises where the game machine is provided for play.

MGD applies at two rates:

  • 5% when the fee for playing a game is not more than 20p, and

  • 20% for other machines

From 1 March 2015 MGD will apply at 25% for games which may cost £5 or more to play.

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Air Passenger Duty (APD)

This duty currently applies at three rates (reduced, standard and higher) over four bands (A, B, C & D), according to the distance travelled.

From 1 April 2015 the bands will be reduced to two:

  1. - journeys up to 2000 miles

  2. - journey over 2000 miles

The rates will also be reduced except for the higher rate which applies to aircraft with fewer than 19 seats - generally luxury jets.

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