A tax on transactions involving acquisitions of interests in UK land, which was introduced on 1 December 2003. Under SDLT, an acquisition includes the creation, surrender, release or variation of a land interest. Note that SDLT is chargeable irrespective of:
Where the transaction is effected.
The residence of the person making the acquisition.
Unlike the former stamp duty regime, SDLT is not triggered by the execution of a document. SDLT is payable, by the person acquiring the interest, on the due date, which is 30 days after the effective date (www.practicallaw.com/3-107-6200) of the transaction. The effective date is generally the date of the acquisition, but it may fall before legal completion of the transfer.
For further information, see Practice note, Stamp duty land tax (www.practicallaw.com/0-107-3726).