What is a stamp duty ? Let’s say I have a stamp duty of £5k. What does it mean? I have to pay £5k every month for the house I bought?
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Stamp duty is a one-off payment made when a major transaction occurs and is a percentage of the value of the transaction. The idea is that you are paying for an official to “stamp” the transaction and make it official. The classic example is the sale of a house: stamp duty is a percentage of the sale value, and is paid at the same time as the sale occurs.
You will most likely have some other tax to pay in an ongoing way related to the value of your house, but this will be much lower.
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