stamp duty


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Related to stamp duty: Stamp duty land tax

stamp duty

a tax imposed on written instruments (e.g. conveyances). Stamp duties are either AD VALOREM, where the amount of duty payable varies according to the value of the transaction effected by the instrument, or fixed in amount, whatever the effected value. Where a stamp is essential to the legal validity of an instrument, that instrument cannot be used as evidence in civil proceedings unless the conditions required by the Stamp Act 1891 are met and the penalties set out there paid.
References in periodicals archive ?
He was credited by Government Minister David Gauke during a House of Commons debate following the Autumn Statement, which announced a move to a graduated system that will see the cost of Stamp Duty reduce for 98 per cent of home buyers.
Under the previous system, stamp duty charged successively higher rates on the whole of the purchase price - meaning there were sudden increases in stamp duty when the price went above the next threshold.
With property prices having seen some strong increases over the last year, Lloyds estimates that across England and Wales, the total stamp duty revenue raised in the year to March 2015 was PS7.
Mr Miliband will say: "It is simply too expensive for so many young people to buy a home today, saving up for the deposit, paying the fees and having enough left over for the stamp duty.
With the changes to stamp duty it will be perfectly possible that a self-builder living in their completed home with a value of, say, PS400,000 will have paid just a few hundred pounds in stamp duty, opposed to PS13,350, incurred by home buyers after April 1, for a home of the same value.
In short, stamp duty is a one-off tax you must pay when you complete the purchase of a property.
Prime central London: The greatest impact of the stamp duty increase was seen in the most valuable markets of prime central London, which have seen the strongest price growth in recent years.
The system from December 4 is not charged at a single rate of the whole purchase price, but rather only the proportion of the purchase price that falls within each stamp duty band.
Critics of the "slab structure" of stamp duty argue it distorts the market.
Marc Page, Lloyds Bank mortgages director, said: "The cost of moving can be an expensive one, and rising house prices have had an impact on this with more property sales now within higher stamp duty brackets.
Ms Hutt has previously hinted she was also looking to reform the "slab" structure of stamp duty, which sees properties immediately moving up a percentage liability on bands when they exceed a certain price, which she said "distorts the housing market for builders, buyers and sellers".
The data was released as pressure group the TaxPayers' Alliance launched a Stamp Out Stamp Duty campaign calling for a cut in the 'punitive' levy.