Glossary
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| Self Invested Pension Plan (SIPP) | A pension plan wrapper that enables investment in stocks, shares, investment funds and commercial and residential property. There is a lifetime limit of £1.5 million from April 2006, increasing annually. A SIPP provides the tax advantages and legal framework for investments for retirement. |
| Small Business Rate Relief | This is a new relief that came into effect on 1 April 2005. The relief is available to a business occupying properties with a total rateable value of less than £15,000 (or less than £21,500 in London). The scheme will be funded by a supplement on the rate bill of those businesses not eligible for the relief. This supplement is built into the multiplier. Businesses that have a rateable value of £10,000 or over but less than £15,000 (or less than £21,500 in London) may be eligible to pay the multiplier without the supplement included. |
| Stamp Duty Land Tax | Now known as Stamp Duty Land Tax - this is the tax payable to the Government which is calculated on the purchase price of a property. For commercial properties up to £150,000 there is no Stamp Duty Land Tax, for properties between £150,000 and £250,000 the Stamp Duty Land Tax is charged at 1%, for properties purchased between £250,000 and £500,000 the Stamp Duty Land Tax is calculated at 3% and for properties over £500,000 Stamp Duty Land Tax is calculated at 4% of the price. Please note that in certain instances where properties have been elected for VAT and the purchaser pays VAT on top of the purchase price, Stamp Duty Land Tax is calculated on the gross amount of purchase price and VAT. |
| Subletting | Where the tenant lets part or all of the premises to a subtenant, as permitted by the terms of the lease. It differs from assignment in that the head lessee remains responsible to the landlord for the payment of rent and fulfilment of other obligations. |
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