8th July 2020 – 30th March 2020

From 1st April 2021
The below rates also apply if you bought the property before 8th July 2020.

* £300,000 for first-time buyers, 5% SDLT on the portion from £300,001 to £500,000, same rates as above for remaining values from £500,001+. Special rules apply for new zero-carbon homes.

Duty is charged according to the net present value of all the rental payments over the term of the lease (NPV), with a single rate of 1% on residential NPV’s over £125,000 and on non-residential NPV’s over £150,000.
VAT is excluded from treatment as consideration provided the landlord has not opted to charge VAT by the time the lease is granted.

Duty on premiums is the same as for transfers of land (except that the zero rate does not apply where rent of over £600 annually is also payable).

• Individuals are able to claim higher rate relief on cash gifts and payments to charities under gift aid. Basic rate tax is treated as having been deducted, so you must pay enough tax for the year to cover the tax withheld from your Gift Aid payment.

• Special tax reliefs apply to gifts to charities of certain types of shares and securities, or land and buildings.

• Self-assessment now allows individuals to divert some or all of any tax repayment due to them for the year to a charity of their choosing, and to opt for this to be treated as a Gift Aid payment, using the form enclosed in the tax return pack. This option is to be withdrawn from repayments on or after 6 April 2012.

• Individuals have the opportunity to make a claim for charitable donations made in one tax year to be treated as if they had been made in the previous tax year.
  For example, a request could be made for Gift Aid payments made between 6 April 2011 and the date that the 2011 return is filed to be treated as if they were made in the year to 5 April 2011.
  This would mean that a payment could rank for higher rate tax relief for 2010/11, even if the donor is liable at basic rate only in 2011/12.
  The request would normally be made by completing the relevant box in the 2011 tax return, and the opportunity to carry back donations is lost once that return has been filed (provided this is no later than 31 October 2011 or 31 January 2012, as appropriate). It is not possible to amend the 2011 tax return in order to carry back a donation.

Give As You Earn

• Employees may authorize participating employers to deduct donations from their gross salary for forwarding to their nominated charities.

• Employees receive tax relief in full on their donations.

The maximum amount on which an individual can claim tax relief in any tax year is the greater of the individual’s UK relevant earnings or £3,600.

If total pension input exceeds the annual allowanceof £50,000 there may be a tax charge on the excess.

*Subject to transitional protection for excess amount.
A charge may apply in respect of contributions where an individual has relevant income of £130,000 or more.
Note – Total pension input is the increase in value of the aggregate of all the individual’s pension savings. The pension input period is usually the year to the anniversary date which falls within the relevant tax year.

*Exemption applies if state retirement age was reached by 6 April 2011 Note For those earning between £102 per week and £770 per week, employers receive a rebate of 1.4% on contracted out money purchase schemes or 3.7% on contracted out salary related schemes, and employees a rebate of 1.6% for either scheme.

It is no longer possible to make a claim for tax relief based on the actual receipted bills, nor claim capital allowances or interest on loans related to car purchases.

Unless the employee is reimbursed at a rate higher than the AMAP, the payments do not need to be reported on a P11D. If the employer pays less than these rates, it is possible for the employee to claim income tax relief for the shortfall.

Rates of up to 5p per mile, per passenger, are also tax- and NICs- free when paid for the carriage of fellow employees on the same business trip. From 6 April 2011 this is extended to carriage of volunteers.

* Transitional rules may apply

Entrepreneurs’ Relief

Qualifying gains will be taxed at 10%.
Claims may be made on more than one occasion up to a “lifetime” total of £10 million.

Notes

1. Transfers between husband and wife or civil partners living together are generally exempt.
2. Capital gains of all trusts for 2011/12 are taxed at the rate of 28%. Where there are several trusts created by the same settler, the annual exemption is divided equally between them, subject to a minimum exemption of £1,060 for each trust.