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Stamp Duty Changes Under Fire

LONDON-The planned imposition of Stamp Duty on new leases is due to take effect from 1 December 2003, but the RICS and other industry bodies are still lobbying for a change of heart at the Treasury.

By Graham Parker | Updated on November 14, 2003

LONDON-Parliament yesterday debated the planned imposition of Stamp Duty on new leases. Until now companies have only paid tax on the first year’s rent under a lease, but from next month they will be required to pay tax on the net present value of all rent due for the term of the lease, a change that could raise some tax bills eight-fold, while raising another £200 million ($340 million) for the exchequer.

Oliver Letwin, this week appointed Shadow Chancellor in Michael Howard’s new opposition shadow cabinet, described the changes as a new “high street stealth tax”.

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