Duties - Self assessment
Self assessment stamping is a method of accounting for duty and tax by periodic return, also known as in-house stamping. It involves the self assessment of duty on transactions and instruments, endorsements of documentation and payment with lodgement of a periodic return, usually weekly or monthly.
Taxpayer's agents (solicitors and financial institutions) are required to use this self assessing facility. This system has many advantages, from time and cost saved in not having to attend our service centre to the security of retaining all documentation throughout the stamping.
The Duties Act 2001 and the Tax Administration Act 2001 both contain provisions for self assessors.
Self assessors, in determining the liability to duty, are governed by published revenue rulings and ultimately, the liability to duty is decided by the application of the Duties Act 2001. If you are in any doubt regarding a transaction to be stamped by self assessments, please click on Contact us at the top of the page.
