stamp duty land tax

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stamp duty land tax (SDLT)

an AD VALOREM tax introduced on 1 December 2003 to replace stamp duty on land transactions. It is much wider in scope than stamp duty and applies on an acquisition, whether or not there is an instrument effecting the transaction. The tax is payable by the purchaser. An acquisition of land is given a very wide meaning so that it includes surrenders and variations of interests. The territorial scope of the tax is limited to land in the UK and the residence of the parties to the transaction is irrelevant.
Collins Dictionary of Law © W.J. Stewart, 2006
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