Stamp duty land tax is generally payable on the amount of equity transferred if the transfer involved an exchange of items of economic value such as money, the buyout of a mortgage or an exchange of stocks for equity in a property.
The stamp duty land tax is most often charged on the consideration, or amount of the equity being transferred. There are some situations where equity can be transferred without incurring stamp duty land tax, such as transfers that are below the stamp duty tax threshold. If the transfer of equity is a gift, meaning no money or items of monetary value are exchanged, then stamp duty land tax is not applicable.Learn More
Stamp duty land tax is paid by the buyer of a property on a transaction of more than 125,000 British pounds. The stamp duty tax charged is typically between 1 percent and 7 percent of the entire purchase price.Full Answer >
As of June 2014, Stamp Duty is payable either at the time of purchase or within 30 days of document execution, according to HM Revenue & Customs. If the Stamp Duty is not paid within 30 days, additional penalties and interest may be applicable.Full Answer >
As of June 6, 2013, reductions in the Stamp Duty Land Tax for disadvantaged areas were abolished. Claims for relief for purchases made before this date needed to be done before May 5, 2014. Exemptions and relief from the Stamp Duty with regards to paper transfers and shares apply to certain groups, charities and transactions. Areas are no longer exempt from paying the Stamp Duty as of July 2014.Full Answer >
Stamp duty land tax, or SLDT, replaced stamp duty in the UK and took effect on Dec. 1, 2003. Land and building transactions in the UK require payment of SLDT.Full Answer >