stamp duty


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Related to stamp duty: Stamp duty land tax

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 think tank suggested increasing the stamp duty surcharge on second homes and investment properties from 3% to 5% to raise PS790 million per annum.
"The new prime minister should be bold: take all but the most expensive properties out of stamp duty and pay for it with fairer taxes on empty, foreign or expensive properties.
Transaction numbers remained 5.4 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 effect of the changes is that anyone buying a property for less than PS937,500 will pay less stamp duty or the same as they would under the old regime.
"High stamp duty rates stop young people buying a home and starting a family, discourage elderly people from downsizing and make it harder to move to a new place for a new job."
Recent research revealed around four in 10 first-time buyers benefited from the stamp duty concession during the two years it was in place.
Barratt has a range of new homes at Meadow Rise, Stockton and Mandale Park, Thornaby where first-time buyers still have time to purchase without stamp duty costs.
Once the PPS number has been received from the DSP, it must be registered on the Revenue Commissioners' Central Registration System (CRS) under the relevant tax head before it can be used in a stamp duty return.
There are also instances of people purchasing property on long-term lease to avoid paying stamp duty because payment of stamp duty doesn t exist in case of such transactions now.
He said: "Freezing stamp duty will come at a cost to the Treasury but its existing receipt from that is not great because of the market.
The decision to put moving plans on hold follows reports earlier this month that Chancellor Alistair Darling was considering temporarily suspending stamp duty payments or deferring payment of the tax to boost the housing market.