Stamp Duty Stamp Duty Land Tax is a tax on transactions not documents. For transactions in land and buildings in the UK completed on or after 1st December 2003 you are not required to send in documents for stamping.

You or your agent usually your solicitor should complete and send in a land transaction return to the Inland Revenue. You also face automatic penalties if there is a delay of more than 30 days in paying the Duty.

The land transaction return is required to notify the following

• any transfer of a freehold or assignment or assignation of a lease for
• consideration whether or not giving rise to a charge
• any transaction for which relief is being claimed
• the grant of a lease for a contractual term of 7 years or more or which
• gives rise to a charge
• any other transaction giving rise to a charge

• It is worth bearing in mind that even if your purchase is below the Duty threshold a land transaction return will still need to be completed for these transactions. The 0 upper threshold is £175000 for residential transactions and £150000 for non residential deals.

  In return you receive a stamp duty land tax certificate which you or your agents submit to land registries in order to register ownership of land or to record a deed as appropriate.

  The upper threshold rate was increased from £125000 in September 2008. After September 3 2009 it will revert back to £125000.

  To see the full range of Housing stamp duty rates click here . Stamp duty is not payable on remortgages.

  Stamp Duty is also levied on share purchases

  Go to Moneyextra.coms Mortgage Centre and Mortgage Comparison Service now.

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  2009-02-17 00:00:00 © Moneyextra.com