duty will be levied when a deal is 'substantially performed' under regime changes to be introduced on 1 december 2003
Property investors will no longer be able to avoid stamp duty on purchases under regime changes to be introduced on 1 December 2003. Subject to the passing of this year's Finance Bill, the tax is to be levied when a deal is 'substantially performed' from 1 December. Substantially performed in this context means payment of most of the purchase price or taking possession of the property. The charge is currently levied at the point of actual completion, allowing companies to agree to deals and make payments but avoid the stamp duty charge, 4% on properties over £500,000, by postp...
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