Stamp duty is a tax on documents and falls into two main categories:
- Duties payable on a wide range of legal and commercial documents such as conveyances of property, leases of property, share transfer forms and certain agreements. Depending on the nature of the document, the duty is either ad valorem or of a fixed amount.
- Duties and levies payable by reference to statements, which mainly affect banks and insurance companies.
Stamp duty can be a major cost for businesses, it is a complex transaction tax and thus needs to be carefully managed to avoid triggering a large stamp duty liability. It primarily affects property transactions and regularly features in the budget, subject to extensions, revisions and restrictions. The liability to duty is contingent on the documentation involved in a particular transaction. Hence it is important that any applicable transaction is assessed in line with the prevailing stamp duty charging provisions and legal requirements, as clumsy transactions can be very costly.
Our stamp duty services cover:
- Property transactions
- Succession planning / estates
- Share transfers
- Asset sales and distributions in an insolvency case
- Transfers within corporate groups