What is stamp duty?
Stamp duty also known legally as Stamp Duty Land Tax is the tax a buyer pays to HM Revenue & Customs when they are buying a property or land. Once the tax is paid the stamp duty is physically stamped to the property documents to establish that it has been paid before the document was legally effective.
Who pays stamp duty?
Only the purchaser of the property or land pays Stamp Duty, and the cost varies, it depends on the location of the property.