Stamp considerations
Rodrigues, M
Stamp considerations - 2002 - Estates Gazette (0217) 27 April 2002, 151(1) .
Discusses the effect the stamp duty measure announced in the Budget will have on the property industry. Continuing with earlier government policy, the Budget has closed several major loopholes in the stamp duty and extended stamp duty relief for disadvantaged areas. Government policy on stamp duty means mitigation schemes - property purchase agreements, Finance Act 1986 s76 and intergroup company stamp duty relief - will no longer be available. The penalty regime has also been extended to include property documents executed outside the UK. Other mitigation schemes will be targeted in the Finance Act 2003. Subject to EU approval over state aid, stamp duty will be abolished for all non-residential property in disadvantaged areas but residential and non-residential property will need to be defined. The aim of stamp duty abolition is to encourage urban regeneration but rather than collaboration with government there may be conflict if government maintains the current high-value property rate in non-disadvantaged aeas and attacks on mitigation schemes.
STAMP DUTY
BUDGET 2002
FINANCE BILL 2003
TAX EXEMPTIONS
URBAN REGENERATION
NON-RESIDENTIAL PROPERTY
PROPERTY TRANSACTIONS
Stamp considerations - 2002 - Estates Gazette (0217) 27 April 2002, 151(1) .
Discusses the effect the stamp duty measure announced in the Budget will have on the property industry. Continuing with earlier government policy, the Budget has closed several major loopholes in the stamp duty and extended stamp duty relief for disadvantaged areas. Government policy on stamp duty means mitigation schemes - property purchase agreements, Finance Act 1986 s76 and intergroup company stamp duty relief - will no longer be available. The penalty regime has also been extended to include property documents executed outside the UK. Other mitigation schemes will be targeted in the Finance Act 2003. Subject to EU approval over state aid, stamp duty will be abolished for all non-residential property in disadvantaged areas but residential and non-residential property will need to be defined. The aim of stamp duty abolition is to encourage urban regeneration but rather than collaboration with government there may be conflict if government maintains the current high-value property rate in non-disadvantaged aeas and attacks on mitigation schemes.
STAMP DUTY
BUDGET 2002
FINANCE BILL 2003
TAX EXEMPTIONS
URBAN REGENERATION
NON-RESIDENTIAL PROPERTY
PROPERTY TRANSACTIONS