Stamp Duty

Stamp Duty Land Tax (SDLT), which replaced Stamp Duty in December 2003, is a tax that is payable by the purchaser of the majority of residential and commercial land transactions and is payable within 30 days of completion of the transaction.

SDLT comprises of three elements:

• Stamp Duty on documents conveying shares and saleable financial instruments;
• deals involving land and buildings; and
• Stamp Duty Reserve (SDRT) on deals involving shares.

There are certain thresholds before SDLT becomes payable; these vary as and when the Chancellor announces such changes. Once again, this is another area where early tax planning can save you thousands.

For guidance on how to comply with SDLT and SDRT and mitigate your taxes, contact our specialist tax team.