Land Tax

• A tax levied on transfers of land (including property). It is paid by the buyer to the Land Registry to record the new owner. A lender's interest as mortgagee would normally be registered at the same time.

Land tax is charged on all property transfers where the property is bought for £120,000 or more. The amounts and rates vary dependent on the value of the property, whether it is a freehold or leasehold purchase and whether the property is in an area nominated as a disadvantaged area.

Land tax used to be called Stamp duty.