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Stamp duty exemption for disadvantaged areas

United Kingdom
29/11/2001
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The Government are at long last bringing in the stamp duty exemption for transfers and grants of leases of land situated in a designated disadvantaged area. The exemption applies to documents executed on or after Friday, 30 November 2001, where the price for the transfer or the premium for grant of the lease is not more than £150,000.

The exemption, originally enacted in the Finance Act 2001, has not been brought into effect because the Government have run into difficulties in identifying those areas that should be designated as disadvantaged. The Government has now published these lists.

As part of a second stage of reform in this area, which is expected to start in 2002, the Government intends to significantly raise the £150,000 threshold for the exemption, or abolish it entirely, but this will only apply to non-residential property.

If you would like further information, please contact

Mark Nichols, phone: +44 (0)20 7367 2051

e-mail: [email protected]

Richard Croker, phone: +44 (0)20 7367 2149

e-mail: [email protected]

Mike Boutell, phone: +44 (0)20 7367 2218

e-mail: [email protected]

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