stamp tax

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stamp tax,

method of collecting duties on certain transactions by means of a validating stamp attached to the taxable instrument, which may be a judicial act, a commercial document, a transfer of property, or law proceedings. Such a stamp is to be distinguished from a postage stamp, which is not a duty but a simple method of paying the government for a service rendered. Stamp taxes, apparently originating in the Netherlands, were introduced into England in 1694 and extended to the American colonies in 1765. Colonial opposition to stamp taxes contributed to the hostility against England that eventually resulted in the American Revolution. In the United States, stamp taxes, applying not only to legal and commercial acts but also to goods, were used to finance the Civil War and the Spanish-American War. Today the federal government imposes stamp taxes on the issue and transfer of stocks and bonds, on deeds, and on playing cards.

Bibliography

See J. Due, Government Finance (4th ed. 1968); J. W. Pyke, ed., An Alphabetical Guide to Stamp Duties (1968).

Stamp Tax

 

a special government tax collected from individuals and organizations at the time of the official registration of documents concerning civil and legal transactions. The tax is collected through the sale of stamped blanks for drawing up documents or the sale of special stamps. It can be paid either as a set sum for each type of document (simple stamp tax) or in relation to the sum of the transaction decreed in the document (proportional stamp tax). The first stamp tax was introduced in the Netherlands in 1624. In Russia, a stamp tax was established by Peter I in 1699. In the Soviet Union, a stamp tax was collected after Feb. 16, 1922, and abolished by the tax reform of Oct. 1, 1930. A state tax is collected, however, when declarations are presented in juridical bodies.

References in periodicals archive ?
Miguel Sard, managing director of mortgages at Santander UK, said: "The report highlights the unintended consequences of stamp duty.
Stamp duty land tax is paid by buyers when residential properties change hands for more than PS125,000 and when commercial properties are sold for PS150,000 or more.
House sales rose after stamp duty changes in December 2014
Those downsizing would end up paying more to sell than they would save on stamp duty on their next purchase.
Developers of new luxury properties are increasingly cutting prices by the total stamp duty that would otherwise be liable, allowing them to market the homes with the term "stamp duty paid".
Anyone buying for more than PS937,500 will pay more stamp duty under the new rules.
High stamp duty rates stop young people buying a home and starting a family, discourage elderly people from downsizing and make it harder to move to a new place for a new job.
The UK government is consulting businesses on if the Welsh government should get control of stamp duty land tax, a key recommendations of the Silk Commission.
Martin Ellis, Halifax housing economist, said: "Efforts by first-time buyers to beat the expiry of the stamp duty holiday at the end of March have probably increased sales in recent months and may have helped to support prices.
Saving for a deposit is now more demanding than it has ever been and so the reintroduction of stamp duty will certainly disadvantage first-time buyers.
Under the new system a stamp duty return may be filed online via Revenue Online Service (ROS) or by means of a paper return.