Stamp taxes bulletin
HMRC have published the fourth edition of the ‘Stamp Taxes Bulletin’ which provides information relevant to stamp taxes.
The bulletin includes some worked examples of how the rise in the standard VAT rate from 4 January 2011 will affect the calculation for stamp duty land tax (SDLT) on leases.
Also covered are details of a new IT system which is expected to be introduced by HMRC in July 2011 to assist in the management of SDLT. Prior to the introduction of the new system, there will be changes to both the paper notification SDLT1 and the online screens. There will also be minor consequential changes to the paper forms SDLT3 and SDLT4.
The full contents of the bulletin are as follows:
Land and shares
- June 2010 Bulletin
- Recent updates to guidance
- Increase in VAT rate – application to leases
- Change in information required to make an SDLT return
- Charity Relief
- Consideration and exchanges
- Scheme transactions – Section 75A Finance Act 2003