Why do I need to pay Stamp Duty?
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jameson
Apprentice
Joined: 07 Jul 2007
Posts: 4
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 Posted: 03/12/08 - 08:09 Post subject: |
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| I was thinking of giving a house to my children, as I will be moving elsewhere with my wife. I know there is usually a stamp duty to be paid. However, I would like to why is stamp duty payable on gifting. If anyone could tell me, that would be great. Thanks very much in advance. |
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wadsworth
Apprentice
Joined: 12 Jan 2005
Posts: 2
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| Posted: 04/11/08 - 00:04 Post subject: |
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| Stamp duty, unlike some common mistaken presumptions would claim, is not a tax you have to pay on transaction, but a tax on a document made for the purposes of the transaction. You also have to know that transaction here is a very broad term, and includes even gifts, not just buying or selling. That said, it is quite certain a stamp duty will be payable in your case. That should not deter you from making a gift, though, as that tax is really not too cumbering. |
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