Stamp Duty for Tenants

[pbeauve]

I am in the process of completing a tenancy agreement through a agent.
It appears that I have to pay a stamp duty on the lease contract,the formula being: monthly rent x nbr of months in contract / 250

Is it mandatory for new tenants to pay this ?
Is it payable to the agent, the landlord or the IRAS ?
Is the above formula correct ?

Thanks for feedback

Pascal

[KimS]

Its mandatory. Payable to the inland revenue not the landlord or agent, though often the agent will sort the stamp duty out for you and you have to pay them, but they should give you the certificate of stamp duty from the inland revenue as proof of payment.

Be aware that stamp duty is also payable when you renew a rental contract even if you are not moving residence.

What can I say the government has to make money somehow.