stamp duty

stamp duty
A tax on documents relating to specific transactions, share transfers and property transactions. The rate of duty are as follows:
- Documents - Dependent on the type of documentation and the nature of the transaction.
- Share Transfers - 0.5per cent per share.
- Property - 0% on under ₤60,000; 1% ₤60,000 to ₤250,000; 2.5% ₤250,000 to ₤500,000: and 3% over ₤500,000.

Easyform Glossary of Law Terms. — UK law terms.


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.

Collins dictionary of law. . 2001.


stamp duty
A statutory tax on instruments, that is, written documents. The Finance Act 2003 substantially changed the application of stamp duty as a tax. From 1 December 2003 (the date of the introduction of stamp duty land tax) stamp duty is chargeable on shares, other marketable securities and certain transactions involving partnerships only. The rate of stamp duty on the transfer of these stampable assets is 0.5%.
For further information, see the HM Revenue and Customs website.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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