When do you pay a duty on stamps?

Answer

Stamp duty is a tax that is payable in a number of transactions. It applies in purchases of shares and property. The types of stamp duty also vary. There is the stamp duty land tax and the stamp duty reserve tax. The two latter types were adopted after 2003.
2 Additional Answers
Stamp Duty refers to a tax which used to apply to all the purchases of property or shares. If you have to pay Stamp Duty on land or on share transactions, you have 30 days to get the documents stamped as well as pay the duty. If the documents are late and you do not have a good reason, you might have to pay a penalty and interest.
First time buyers of property or land in the UK must pay stamp duty. It is a mandatory land tax, which is payable when one purchases a property or land in the UK. The amount that one pays depends on the purchase price of that property.
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