Stamp duty and what it means
Stamp duty in the United Kingdom is a form of tax charged on instruments such as written documents. Such is a government tax charged on the purchase of a property.
They usually require a physical stamp or an impressed stamp to be attached to them. Modern stamp duty documents do not require the traditional physical stamps any longer.
The uk stamp duty land tax was a new tax in transactions that involved land and was introduced by the Finance Act of 2003. This is what replaced the original stamp duty that went out of effect on the above mentioned date. SDLT is not a stamp duty, but instead , it is a self-assessed transfer tax that is normally charged on transactions involving land.
Typical transactions would include the buying and selling of residential properties. In this case there is little change from the original stamp duty except that a tax had to be reported to the HM Revenue & Customs. This was previously the Inland Revenue Services. In this place documents involved in land transactions would no longer require a physical stamp. HM Revenue & Customs is then allowed to inquire into an SDLT return and raise assessment costs that must be made to cover any unpaid SDLT.
Block management and property management are related, but different services offered by professional companies to assist block owners with their financial and legal obligations. Block management is mainly concerned with the day-to-day affairs of a block or estate, such as collecting service charges from residents, liaising with contractors for repairs and maintenance, dealing with insurance issues, preparing budgets and financial accounts, and overseeing block refurbishments. Property management, on the other hand, is mainly concerned with the legal aspects of block ownership such as property sales or lease renewals, dealing with landlord-tenant disputes, preparing documents for court proceedings if necessary, and gradually increasing a block's rental yield. It also encompasses mechanisms to ensure that block owners comply with the terms and conditions of their block's legal documents. In both block management and property management, the ultimate aim is to ensure that block owners can enjoy a safe, secure and profitable investment in their block or estate.
The services provided by block managers and property managers are indispensable for block owners, who would otherwise have to bear the burden of all block-related expenses, legal issues and disputes. Block managers and property managers have knowledge and expertise in block management and property law, allowing them to provide comprehensive advice to block owners on how to resolve any block-related problem they may face.
Stamp duty land tax or SDLT for short is now a new transfer derived from stamp duty, was introduced for land transactions from Dec 1st 2003.