Can I find out about my future stamp duty rates?
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alie
Apprentice
Joined: 15 Nov 2005
Posts: 2
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 Posted: 05/08/08 - 06:39 Post subject: |
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| Hello people. I was wondering if you could help me with one issue. The thing is that I am planning to invest into the property market. So, I am going to buy couple of properties in the future. What interests me is stamp duty land tax. How does it work? Can I find out about my future stamp duty rates? Thank you in advance. |
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isidoro
Apprentice
Joined: 18 Feb 2005
Posts: 2
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| Posted: 06/07/08 - 02:23 Post subject: |
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| Hello to you too. Basically, stamp duty land tax is tax that you pay on any transaction of property. You can calculate the amount of your stamp duty land tax by yourself, because the system is quite simple. Your future stamp duty rates depend on the value of the property that you are buying and can go from 0 to 4%. If your property’s worth is not more than 125 000 pounds, then you don’t pay SDLT at all. If its worth is more than 500 000 pounds, you have to apply the 5% rate. However, if you are buying a property in a so called disadvantaged area, you can get some deductions. Have that in mind. I wish you all the best with your property business. Bye! |
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