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 ?
The report said stamp duty prevents house sales which could otherwise be mutually beneficial, for example making it harder for older home owners to downsize to a smaller property and growing families to take the step up to a larger home.
Sam Bowman, executive director of the Adam Smith Institute, is now urging the Chancellor to put stamp duty at the top of his agenda in the run-up to the Budget in November.
Until 2014, stamp duty was a "slab tax" - the rate on your purchase price applied to the whole amount.
However, almost half thought it unlikely or very unlikely they would ever achieve this as large deposits and the additional upfront costs associated with a purchase - including stamp duty - made buying unaffordable.
He said that the government and the FBR should issue clear instructions to all registrars that the immoveable property valuation fixed by the FBR is just for the sake of collecting WHT and CGT only and it has nothing to do with the stamp duty.
4 per cent down on the same two months a year earlier - which were also characterised by a rush to beat the previous increase in stamp duty.
Homeowners in London who bought their first property in 1999 will now, on average, have spent GBP38,000 in Stamp Duty over their lifetime.
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.
Now, around 47% of homes sold in Wales are liable for stamp duty, but the Taxpayers' Alliance say property price forecasts by Savills Research suggest there will be a significant increase in the number of homeowners paying the tax.
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.
It is important to stress that, according to the Code of Civil Procedure of Lithuania, a stamp duty may be of two forms: general or proportional.