Government announces next steps in modernising stamp duty on land transactions | Practical Law

Government announces next steps in modernising stamp duty on land transactions | Practical Law

The government has today announced the next steps in the process of modernising stamp duty on land transactions, following the announcement of the main proposals in Budget 2003. These include:

Government announces next steps in modernising stamp duty on land transactions

Practical Law UK Legal Update 4-107-1631 (Approx. 6 pages)

Government announces next steps in modernising stamp duty on land transactions

Law stated as at 21 Oct 2003 • England, Wales
The government has today announced the next steps in the process of modernising stamp duty on land transactions, following the announcement of the main proposals in Budget 2003. These include:
  • Significant changes to the proposed charge on the rental element when a new lease is granted.
  • A new relief for businesses raising finance through the sale and leaseback of their land and buildings, and relief for "chain-breaking" companies that help maintain an active housing market.
  • Further consultation on how the new regime might apply to partnerships.