Duties
Gaming duties
From 1 April 2007 the 2.5% starting rate of gaming duty is abolished, the
12.5% rate increases to 15%, and a new rate of 50% is introduced on gross yield
from gaming in excess of £10 million per accounting period.
The Remote Gaming Duty will be set at 15% of gross profits from gaming
(receipts minus winnings) in line with the rate of General Betting Duty. It will
apply to anyone who provides remote gaming under licence from the Gambling
Commission.
Tobacco, alcohol and fuel duties
From 6pm on 21 March 2007, tobacco duty rates will rise in line with
inflation. Duty on beer, still and sparkling wine, and cider will increase in
line with inflation from 26 March 2007. Spirits duty is frozen. Main fuel duty
rates will increase by 2p per litre from 1 October 2007.
Stamp taxes and duty
The rates and thresholds for stamp duty land tax (SDLT) remain unchanged. As
noted in the Green Taxes section, the Chancellor
announced a new relief for new zero carbon homes.
Anti-avoidance measures
The temporary anti-avoidance measures introduced to tackle schemes designed
to avoid SDLT are to be made permanent. The effective date of a transaction
caught by these measures may be earlier than the date of completion if the
contract is ‘substantially performed’.
|
