What are the key terms used in stamp duty tax?

1. Stamp duty: A tax levied on certain legal documents, such as property transactions, share transfers, and financial transactions.

2. Property transaction: The buying or selling of a property, which may be subject to stamp duty tax.

3. Share transfer: The transfer of ownership of shares in a company, which may be subject to stamp duty tax.

4. Financial transaction: Certain financial transactions, such as the issuance of bonds or the transfer of certain securities, may be subject to stamp duty tax.

5. Chargeable consideration: The value of the property or asset being transferred, which is used to calculate the stamp duty tax payable.

6. Stamp duty land tax (SDLT): A specific type of stamp duty tax that applies to property transactions in England and Northern Ireland.

7. Stamp duty reserve tax (SDRT): A type of stamp duty tax that applies to the transfer of shares and securities in the UK.

8. First-time buyer relief: A scheme that provides a reduced rate or exemption from stamp duty tax for individuals buying their first property.

9. Higher rates for additional properties: An additional stamp duty tax rate that applies to individuals purchasing a second home or buy-to-let property.

10. Stamp duty threshold: The value at which stamp duty tax becomes payable. Different thresholds may apply depending on the type of transaction and the location.