Stamp duty rules are to be changed to prevent Muslim mortgages from having to pay it twice. The chan...
Stamp duty rules are to be changed to prevent Muslim mortgages from having to pay it twice. The changes should come into effect on 1 December this year. The payment or receipt of interest is forbidden under Islam and so mortgages rely on the involvement of a financier who buys the property on behalf of the end client and then allows them to live in it charging them rent, as an alternative to interest. Currently, stamp duty is charged twice, as the ownership of the property transfers twice, once to the financier and once to the ultimate buyer.
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Partner Insight: Introducing the Architas education series for clients.
Blurred lines: PPMG's Andy Brown on why the rules are less clearly defined for multi-asset funds today
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