The Stamp Law defines the revenue stamps payable on contracts in accordance with the purchase price as follows:
(a) For a purchase price up to CY£100.000, the revenue stamp is CY£1.50 per thousand.
(b) For a purchase price exceeding CY£100.000, the revenue stamp is CY£2.00 on every thousand over CY£100.000.
Thus, the revenue stamp on a contract for CY£150.000 will be CY£250 i.e. CY£150 for the first CY£100.000 (0.15%) and CY£100 for the remaining CY£50.000 (0.20%).
The absence of the revenue stamp does not render a contract null or void but it cannot be used in Court proceedings or for the transfer of ownership of property in the Land Registry. Unstamped contracts may be used as above if properly stamped at the time of such use, in which case a fine is also imposed according to the value and the time of execution of the relevant contract.
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