What, if any, other taxes may be particularly relevant to an individual?
There is no wealth tax in the UK.
VAT is payable on many goods and services at the rate of 20 per cent. In some circumstances, a reduced rate or exemption may apply.
Stamp duty is payable at 0.5 per cent on transfers of shares for value in UK companies. It does not apply to shares in non-UK companies if transferred abroad, nor to gifts of shares.
Stamp duty reserve tax (SDRT) is payable on paperless transactions relating to:
- shares in a UK company;
- shares in a foreign company with a share register in the UK;
- an option to buy shares;
- rights arising from shares already owned; and
- an interest in shares, such as an interest in the money made from selling them.
Certain transactions are now outside the scope of SDRT following court decisions to that effect. The position should be reviewed in respect of a specific transaction. Where SDRT is payable, it is charged at 0.5 per cent rounded up or down to the nearest penny.
England & Wales Guide
The England & Wales guide answers the principal questions for Private Clients relating to the law in this jurisdiction.
