stamp duty

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Stamp duty

Applies mainly to international equities. Taxes on foreign transactions, usually a percentage of total transaction amount, that can be unilateral or bilateral in nature.

Stamp Duty

A tax placed on legal documents upon transfer. For example, a stamp duty may be assessed on the deed to a house when it is sold before the deed can pass from the seller to the buyer. The term comes from the fact that governments used to place physical stamps on the legal documents as proof that the duty had been paid, but this practice is fairly uncommon now. Stamp duties are most common in some Commonwealth of Nations countries, such as Singapore and Australia, as well as in some U.S. states.

stamp duty

a UK TAX on the value of SHARES purchased on the STOCK MARKET.

stamp duty

a TAX levied on the purchase of an ASSET, such as a house or stocks and shares, etc., usually as a percentage of the purchase price. Currently (2005), for example, houses in the price range up to £120,000 are exempt from stamp duty; houses valued at between £120,000 and £249,000 incur stamp duty at 1%; between £250,000 and £499,000 the charge is 3%, and for properties over £500,000 stamp duty is levied at 4%. The rate for stocks and shares is 0.5% on the total value of the purchase. Stamp duty is usually used by the government to raise revenue, but occasionally it is used as a tool of FISCAL POLICY to, for example, dampen down the demand for houses.
References in periodicals archive ?
The members also pointed out that there was no record of the collection in Jan 2016, with Mr Kure saying that there was a secular in 2016 asking banks to remit all charges collected from stamp duties and that commercial banks have complied as they wouldn't have violated such a directive that would attract stiff penalties to them.
Asked to either corroborate or puncture the CBN's claim, Mr Oladele Agboola, Company Secretary and legal adviser to Nigerian InterBank Settlement Systems plc (NIBSS, said 'before 2016, no bank collected stamp duties from their customers because there was no legal basis to do so, neither was their instructions for any bank to charge stamp duty on any transfer made electronically.'
'Due to the concern mounting over the non-remittance, it is clearly obvious disobedience to TSA policy for the stamp duties fund to be hidden in commercial banks instead of been remitted to the TSA account.'