Budget 2013

25 March 2013

In light of the latest budget set by Chancellor George Osborne, here's a summary of the latest changes:

Stamp Duty and Stamp Duty Land Tax (SDLT)

Shares: 0.5%
Up to 125,000
: SDLT rate = zero
Over 125,000 to 250,000: SDLT rate = 1%
Over 250,000 to 500,000: SDLT rate = 3%
Over 500,000 to 1 million: SDLT rate = 4%
Over 1 million to 2 million: SDLT rate = 5%*
Over 2 million: SDLT rate = 7%*

*applies to residential property only

Inheritance Tax

2012/2013 and 2013/2014
Nil rate band
: 325,000
Thereafter - lifetime gifts: 20%
On death: 40%

  • 40% for gifts made within seven years of death, subject to tapering relief.
  • No tax on most transfers if donor survives for seven years.
  • It has been announced that the Nil rate band will be frozen for a further three years until 2017/2018

If you require any further advice regarding the recent Budget or any other matter please telephone 01756 700110 and ask to speak to Robert Foster or Diane Foster who will be happy to help.