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DUTIESALCOHOLIC DRINKS AND TOBACCOThe duty on most alcoholic drinks has been frozen this year. The tax on a packet of cigarettes will increase by 25p from 21 March 2000. VEHICLE EXCISE DUTY (VED) AND ROAD FUEL DUTYCar VED rates are frozen until 28 February 2001. With effect from 1 March 2001 the reduced rate for smaller engines will be £105 and the standard rate will be £160. Also with effect from 1 March 2001 the reduced rate of VED for existing cars will be extended to cars with a cylinder capacity of 1200cc and four VED bands will be introduced for all new cars with VED levied based on CO2 emissions. A series of measures to help the haulage industry have been announced including a freeze in most lorry VED rates. The duty on unleaded petrol will go up by 1.89p a litre from 21 March 2000. STAMP DUTYStamp duty on transfers of property (excluding shares) of more than £250,000 are increased with a new rate of 3% where the price is more than £250,000 but less than £500,000 and 4% where the price exceeds £500,000. The new rates apply to documents executed on or after 28 March 2000, except where it gives effect to a contract made on or before 21 March 2000, unless the document results from the exercise of an option, assignment or further contract made after 21 March 2000.
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