Who calculates owed stamp duty?
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shurwood
Apprentice
Joined: 04 Jan 2007
Posts: 6
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 Posted: 10/13/08 - 08:37 Post subject: |
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| Hello people. As I am planning to buy house soon I need to get some information about the process and all possible costs that I might expect. I have heard of Stamp duty, some kind of tax for transferring the house, but I do not know anything about it. Who calculates owed stamp, for beginning? I will use any information about this particular problem |
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garrick
Apprentice
Joined: 12 Aug 2005
Posts: 4
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| Posted: 11/11/08 - 22:33 Post subject: |
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| Hey there. First of all, you misunderstood the whole concept. It is not a tax you are paying for transferring property, because in reality the tax is paid on the documents that are conferring transfer of ownership, not on the transfer of property itself. Stamp Duty is causing a lot of anger in citizens, mostly in periods when mortgages are at their highest price, and the price of property is also higher for a considerable degree. Stamp duty is calculated for stock and shares also but is mostly connected with properties, because it is what almost everybody owns. It is calculated on a sliding scale, depending on the total value of the property, and it can be from 1% to 4%. But if the property is sold for less than £150,000 then there is no Stamp Duty. |
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