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This is a tax on documents administered through Inland Revenue Stamp Offices of which there are several throughout the UK.
As far as residential short-lettings is concerned this has generally been a voluntary tax. Technically, an unstamped
document is inadmissible in a court of law but judges have usually been sympathetic to landlords and tenants
producing unstamped documents as evidence in disputes.
However, there is nothing to say that this will continue and in fact there is an indication that courts may
not accept unstamped documents in the future. The Inland Revenue will also charge penalties for these unstamped documents.
The good news for most landlords is that the threshold for stamp duty on residential lettings is an annual rent of £5,000.
If the annual rental is below £5,000 then no duty is now payable.
Tenancies in excess of £5,000 pa attract stamp duty liabilities on the agreements - both tenant's and landlord's
copies.
Failure to pay these duties within 30 days will result in penalty charges becoming due.
If you don't understand or have any questions please do not hesitate to contact me or a member of my team.
More information can be found at the Inland Revenue site.
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