Stamp duty payments?

[Nateismine]

I am starting to dabble in shares and use the iweb platform (£5 per trade)
I'm confused as to when I pay the stamp duty as the figures don't seem to add up.

So if I invest £10,000, then I pay a stamp duty of £500. Is this taken immediately by the platform? So do I then buy £9,500 worth of shares?

Or have I got this wrong? Am I meant to be paying the stamp duty in some other way?

Stamp duty? You only pay stamp duty when buying property, not shares. Are you referring to management fees that the iweb platform charges, or income tax on the income, or capital gains tax? I'm not familiar with iweb specifically but for most people the most tax efficient way to dabble in stocks and shares is a self-select stocks and shares ISA as (providing obviously you don't exceed the annual ISA limit including any cash ISAs you have) you pay no tax at all...

@maxelly that’s not true there is a 0.5% stamp duty charge on shares. Are you actually buying shares op tho or interests in funds? Ask the provider re transaction charges

Apologies yes, stamp duty reserve tax as opposed to stamp duty land tax. My mistake! They really should name that something different to avoid confusion. But surely this is something the platform should manage for you?