The 2014 Finance Bill - Other taxes

Annual tax on enveloped dwellings (ATED)
  • ATED extended from 1 April 2015 to properties worth more than £1 million, and from 1 April 2016 to properties worth more than £500,000.

Stamp taxes
  • Stamp Duty Reserve Tax (SDRT): charge on unit trusts and OEICs abolished, except for non pro rate in specie redemptions.
  • Threshold for 15% SDLT rate on acquisitions of residential property by companies reduced from £2 million to £500,000.
  • Stamp duty and SDRT: abolished for shares traded on ‘recognised growth markets’.
  • Clarification that partial Stamp Duty Land Tax (SDLT) relief is available where a charity purchases land jointly, as tenants in common, with a person who does not have charitable status.
  • Procedural change to ensure that, following the change to spring-to-spring parliamentary sessions, the government will continue to be able to vary or abolish stamp duty on a provisional basis.

Climate change levy
  • Main rates increased in line with inflation from 1 April 2015.
  • Carbon price support (CPS) rates reduced for coal and other solid fossil fuels for 2014/15 and 2015/16 (previously set too high due to error in published data).
  • CPS rates set for solid fossil fuels used in electricity generation from 1 April 2016.
  • Exemptions for energy used in metallurgical and mineralogical processes.

Vehicle excise duty
  • Most rates increased in line with inflation.
  • Rates for Euro IV and V light goods vehicles frozen.
  • Classic vehicle exemption extended by one year in each of 2014 and 2015 (to give effect to rolling 40-year exemption)
  • Various changes to duty for commercial vehicles.
  • Abolition of paper vehicle excise duty licences (‘tax discs’) and payment of duty by direct debit.
  • Power for HMRC to share Freight Targeting System information on UK-bound HGVs with Department of Transport.

Gaming duties
  • Gaming duty bandings adjusted for inflation.
  • New rate of machines games duty where charge to play can exceed £5.
  • Bingo duty reduced from 20% to 10%.
  • General betting duty, pool betting duty and remote gaming duty to be charged on a ‘place of consumption’ basis.

  • Landfill tax rates increased with inflation.
  • Air passenger duty bands reduced from four to two.
  • Rates of tobacco duty and alcohol duty.
  • Penalties in relation to excise duty.
  • Customs duties and excise duties: goods carried as stores on ships or aircraft.
  • Aggregates levy: some exemptions suspended pending results of EU State aid investigation.