The abolition of stamp duty on documents relating to intellectual property transactions was announced by the Chancellor of the Exchequer in his Budget last March. The new stamp duty exemption applies to documents executed on or after March 28, 2000 and provision therefor will be included in the new Finance Act which is expected to receive Royal Assent later this year.

It should be noted that, in the case of a transaction comprising both intellectual property and other kinds of property, the stamp duty exemption applies solely to that portion of the total consideration attributable to the intellectual property component; the transfer documents may attract stamp duty with respect to the non-intellectual property.