Stamp duty - the new regime 2

United Kingdom
27/10/1999
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The 1999 Finance Act introduced new measures in respect of stamp duty.

These measures came into effect on 1st October 1999 and include:

- increasing the minimum duty to GBP 5

- rounding up the duty payable to the nearest GBP 5

- introducing an interest charge on late payments

- increasing the level of penalties.

Of these measures, the introduction of an interest charge on late payments will, in particular, have a significant impact on any decision to execute and retain documents offshore, as a method of stamp duty mitigation.

A fuller commentary is available on LawNow looking at the effect of these measures in more detail and also dealing with amendments to the rules in certain specific situations, ie. agreements for lease and agreements for sale stampable pursuant to section 59 Stamp Act 1891 (eg. business sale agreements and agreements for the sale of an equitable interest in property).

This paper can be found under "Your latest information" and is entitled "Stamp duty - the new regime".

For further advice please contact either Mark Nichols on 0171 367 2051 ([email protected]) or Richard Croker on 0171 367 2149 ([email protected]).

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