Stamp Duty Changes

• 28/11/2003

The Bank is pleased to confirm that from the 1st December 2003 there will be changes in regard to Stamp Duty paid on Manzil Home Purchase Plans.

With new purchases under the Ijara Home Purchase Plans Stamp Duty will be payable only when the property is purchased. There will no longer be a second amount of Stamp Duty payable when the property is transferred from the Bank to the individual.

Stamp Duty will no longer be payable on re-finances.

With the Murabaha Home Purchase Plans stamp duty will now be payable only on the initial purchase price rather than the Murabaha sale price.

Stamp Duty is only payable on properties valued over £60k or £150k if in a Disadvantaged Postcode Area.

Stamp Duty is no longer payable on the Ijara Lease.

Clients who have already taken out Ijara Home Purchase plans will now not have to pay Stamp Duty when the property is transferred to themselves at the end of the contract.