Best Buy Mortgages Glossary - Stamp Duty (Housing)
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Stamp Duty (Housing)
Stamp duty (Stamp Duty Land Tax) is a tax on
transactions, not documents. For transactions in land and
buildings in the UK, completed on or after 1st December 2003
you are not required to send in documents for stamping. You
or your agent (usually your solicitor) should complete and
send in a land transaction return to the Inland Revenue. You
also face automatic penalties if there is a delay of more
than 30 days in paying the Duty.
The land transaction return is required notify the following:
- Any transfer of a freehold or assignment or assignation
of a lease for consideration, whether or not giving rise to
a charge
- Any transaction for which relief is being claimed
- The grant of a lease for a contractual term of 7 years
or more or which gives rise to a charge
- Any other transaction giving rise to a charge
It is worth bearing in mind that even if your purchase is
below the Duty threshold a land transaction return will still
need to be completed for these transactions. The 0% upper
threshold remains at £60,000 for residential transactions but
rises to £150,000 for non residential deals.
In return you receive a stamp duty land tax certificate
which you or your agents submit to land registries in order to
register ownership of land or to record a deed, as
appropriate.
Stamp duty is not payable on
remortgages.
Stamp Duty is also levied on share purchases.
See Also:
Stamp Duty Calculator
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