stamp duty land tax

stamp duty land tax
A tax on transactions involving interests in land in the UK introduced on 1 December 2003. The tax is not triggered by the execution of a document but is payable automatically on the due date, which is 30 days after the effective date of the transaction. The effective date is generally the date that the buyer acquires the subject matter of the transaction, which may be in advance of legal completion of the transfer.
The buyer or the person acquiring the subject matter of the transaction must notify the Stamp Office of the transaction by making a land transaction return together with a self-assessment of the tax due.
For further information, see the HM Revenue & Customs website.
Related links

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

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