Residential Property Stamp Duty
Albert Einstein (on filing for tax returns)
This is too difficult for a mathematician. It takes a philosopher.
Stamp Duty is the Government’s tax on property purchases.
Stamp Duty was greatly simplified in the Budget of December 2010.
Rates of stamp duty on residential property are as follows:
|First 1 million||1%|
|Excess over 1 million||2%|
Non-Residential Property is any property other than residential property, stocks or marketable securities or policies of insurance.
It includes sites, offices, factories, other business premises, shops, public houses, land and goodwill attaching to a business.
Instruments executed on or after 7th December 2011 – 2%