Stamp Duty

This is a tax that the government levies on the documents used in the transfer of assets. The most common charge to Stamp Duty which affects people is the Stamp Duty that arises in relation to the transfer of property. There are different rates of Stamp Duty for both residential and non-residential properties and there are reliefs and exemptions available, which may reduce or eliminate the Stamp Duty payable.

RESIDENTIAL PROPERTY

Residential property includes both houses and apartments. It is defined as "a building or part of a building which at the date of the transfer was used or was suitable for use as a dwelling or was in the course of being constructed or adapted for use as a dwelling". It applies to the dwellinghouse together with grounds of up to one acre. Budgets over the last several years have made some significant changes to the Stamp Duty payable on residential property.

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