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HMRC internal manual

Stamp Taxes on Shares Manual

Compliance: introduction: stamp duty - background

A document is not ‘duly stamped’ in accordance with S14(4) Stamp Act 1891 unless it has been stamped with the stamp duty payable, together with any penalty and interest due (see STSM141030). The document cannot be stamped until the stamp duty, penalty and interest are paid in full. The duty, penalty and interest payable are ‘denoted’ by a grid stamped by hand on the document, showing a breakdown of the total (see STSM154010). Once paid, the total amount is stamped on the document.

If a document is presented for stamping within 30 days of the date of execution, no penalty is due. If the ad valorem stamp duty due is paid in full within 30 days of the date of execution, no interest is payable. See STSM152020 for treatment of part payments.

The current interest and penalty regime was introduced by Finance Act 1999 and only applies to documents executed on or after 1 October 1999.