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Legal Definitions - stamp duty
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Definition of stamp duty
Stamp duty is a tax that is collected by requiring the purchase of government stamps to be affixed to certain documents. This tax is a part of the perpetual revenue of the government.
For example, when you buy a house, you may be required to pay stamp duty on the property transfer documents. The amount of stamp duty you pay will depend on the value of the property.
Another example is when you purchase shares in a company. You may be required to pay stamp duty on the share transfer documents.
These examples illustrate how stamp duty is a tax that is collected by requiring the purchase of government stamps to be affixed to certain documents.
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Simple Definition
Stamp duty is a tax that the government charges when you buy certain documents, like property or shares. It's called "stamp duty" because you used to have to buy a stamp from the government and stick it on the document to show that you paid the tax. The amount of stamp duty you have to pay depends on the value of the document you're buying. The more expensive the document, the more stamp duty you have to pay. The money from stamp duty goes to the government to help pay for things like schools, hospitals, and roads.
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