Family finances:
Stamp duty and stamp duty land tax
Stamp duty is payable on many legal and commercial documents, so called because the document receives an official stamp form the Stamp Office to prove payment. The most common stamp duty is that levied on share transfers. Stamp duty on land transactions was replaced by Stamp duty land tax in December 2003.
The current rates are as follows:
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The threshold is £125,000 for residential property and £150,000 for commercial property. If the area is designated as “disadvantaged”, the threshold for residential property is £150,000.
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Where next?
Within Overview of the UK personal tax system...
- Income tax
- National Insurance
- Capital gains tax
- Inheritance tax
- VAT
- Corporation tax
- Miscellaneous taxes
Within Family finances
- Managing your paperwork
- Managing your money
- Self assessment and tax returns
- Caring for elderly relatives
General…
