Stamp duty
I know most of people know what Stamp Duty is, however there may be a few first time buyers who could use a refresher course.
Stamp duty is actually a self-assessed transfer tax based on property or land sales in the UK. Every property sale in the UK will need to be assesed and if required pay a percentage of the sale price of the property. Who gets my money? Inland Revenue. Gordon Brown raised the lower bracket from £60,000 to £120,000 to assist first time buyers in 2005. Previously the Chancellor had been criticized for letting house prices soar without raising the lower bracket thereby filling the governments coffers…
What will I pay: Property sale value £125,000, You pay 0% of the property value
Property sale value from £125,000 to £250,000, You pay 1% of the property value
Property sale value from £250,000 to £500,000, You pay 3% of the property value
Property sale value from £500,000, You pay 4% of the property value
Read more about Stamp Duty at the official gov site at HM Revenue
This blog will have a few more little bits about changes in the law and property stuff in general. I hope Stamp Duty is a little clearer now…
[...] apparently keen to tip the balance in favour of buyers rather than sellers (see changes in Stamp Duty) there could be further changes [...]
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