Stamp Duty Land Tax (SDLT): Residential property over £2 million
SDLT on the purchase of a residential property (freehold, lease premium or assignment) will be charged at 7% of chargeable consideration where this is more than £2 million. The measure will have effect for transactions where the effective date (normally the date of completion) is on or after 22 March 2012.
SDLT: Enveloping of high value residential properties
A 15% rate of SDLT will apply to residential properties over £2 million purchased by certain ‘non-natural persons’, and will take effect from 21 March 2012.
In addition the Government will consult on the introduction of an annual charge on residential properties valued over £2 million owned by certain non-natural persons, with the intention of introducing legislation next year and the measure coming into effect in April 2013.
Air Passenger Duty
As set out in the 2011 Autumn Statement, Air Passenger Duty (APD) rates will rise from 1 April 2012.
Tobacco products duty
From 21 March 2012 the duty rates for tobacco products are increased by 5% above RPI. This is equivalent to adding:
- 37p to a packet of 20 cigarettes
- 37p to a pouch (25g) of hand-rolling tobacco
- 12p to a packet of 5 small cigars
- 20p to a pouch (25g) of pipe tobacco.
Alcohol duty rates
As previously announced, from 26 March 2012 alcohol duty rates will increase by 2% above RPI. This is equivalent to adding:
- 3p to the price of a pint of beer
- 2p to the price of a litre of cider
- 11p to the price of a bottle of wine
- 41p to the price of a bottle of spirits.