Supplementary Budget 2009 - Stamp Duty

Life Assurance Policies

A new levy on life assurance is being introduced at the rate of 1%. This new levy will apply to premiums received by an insurer on or after 1 June 2009.

Non-Life Insurance Policies

The current non-life insurance levy of 2% is being increased by 1%. The new rate of 3% will apply to premiums received by an insurer on or after 1 June 2009 for renewals and offers of insurance issued by an insurer on or after 8 April 2009.

“Trade-in” Scheme

A “trade-in” scheme is being introduced which will provide for an exemption from stamp duty on the transfer of an existing house/apartment in exchange or part exchange for a new house/apartment. The Finance Bill 2009 will contain full details of the scheme.