How to calculate stamp duty on new house?
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price
Apprentice
Joined: 02 May 2004
Posts: 8
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 Posted: 03/05/08 - 08:41 Post subject: |
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| Hello everybody! I am Peter Gerard and I would like to ask you something about stamp duty land tax. Few weeks ago, I bought a new house. It’s really a great property and I’m pretty satisfied with my purchase. But now I am a bit confused with all the tax issues. So, can someone tell me how to calculate stamp duty on new house? |
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walther
Apprentice
Joined: 21 Feb 2006
Posts: 3
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| Posted: 04/03/08 - 23:41 Post subject: |
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| Hello to you too Peter. As you know, stamp duty land tax applies to all kinds of property transactions, so the purchase of your house makes you liable to it. You can calculate your stamp duty by applying the appropriate rate. Which rate is it depends on the value of the property you bought. If the value of the house is less than 125 000 pounds, then there is not tax at all. If it’s between 125 000 and 250 000, it is 1%, 250 000 and 500 000 pounds, it is 3%. Finally, if your property’s worth is above 500 000 pound, stamp duty rate is 5%. So, that’s the way to calculate your stamp duty. See, it’s nothing complicated. Take care! |
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