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Extraordinary Items - Stamping out leases.
(From Financial Director)
The tax folk only appear on this page when they do something ridiculous, like demand back-taxes from a dead cat. But the Budget proposals to reform stamp duty on leasehold properties take our breath away.
At present, a GBP1m annual lease incurs a 2% stamp duty charge of GBP20,000.
Now, HM Treasury says 1% should be payable on the net present value of all future lease payments. For a 25-year lease, GBP1m discounts back to GBP16.5m, using the ...
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