What are the changes in stamp duty law?
The law on Stamp Duty is due to change on all transactions after the 1st of December 2003. It is now called Stamp Duty Land Tax. Broadly, the new law keeps Stamp Duty Land Tax levels at the same rate as before, except when a new lease is created (sale of an existing lease remains at the same rate). However, the new law obliges all buyers to complete a new Tax Return Form which contains over 70 questions. This form is then used by the Inland Revenue to calculate your liability to Stamp Duty Land Tax, if any. The duty is on the buyer to complete and sign this form personally. However, if you wish to have the assistance of your conveyancing solicitors in completing this form, this can be arranged for a fee of 50 plus VAT.
