I Need a deal.....
I Need a deal.....

Stamp Duty

The rates of stamp duty changed recently. The new rates are shown in the table below (there's an extra 3% to pay if you already own a property):

 

Band                                  Previous Residential SDLT Rates                     New property SDLT rates
£0*-125k                                             0%                                                                 3%
£125K-£250k                                       2%                                                                 5%
£250k-£925k                                        5%                                                                 8%
£925-£1.5m                                        10%                                                                13%
£15m+                                               12%                                                                15%

If you are buying a property & you currently own a property which you are not selling at the same time, you'll have to pay an extra 3% stamp duty:

It doesn’t matter if you own the other property on your own or with another person – you will still be treated as

owning more than one property.

Joint owners, married couples and civil partners will be treated as owning another property, if their co-owner,

spouse or partner own another property in their name only.

It doesn’t matter if the other property is not in England or Wales, it can be in other parts of the UK or even abroad.

If your interest in the other property you own is worth less than £40,000, lower rates may apply. In which case

please let us have the address of the property, details of who you own the property with, the value of the property

and the value or details of your share in the property.

If you have inherited the other property and you own less than 50% of it, lower rates may apply. In which case

please let us have the address of the property, details of who you own the property with, the value of the property

and the value or details of your share in the property.

If part of the other property you own is none residential, lower rates may apply. In which case please let us have

the address of the property, explain what parts are none residential, the value of the property and the value of the

residential element of the property.

If you are buying more than 1 property at the same time, different rules might apply (although it is likely that you

will pay the higher rate). In which case please let us know.

What is your main residence, is a matter of fact, it is not just where you spend most of your time but will include

things like, where do your children (if any) go to school, where are you registered to vote, where are you

registered with a doctor or dentist and the address you use for any correspondence.

Replacing your main residence means that you must be selling or disposing of your current main residence. This

must be either at the same time as you are buying your new property or you must have already sold or disposed

of it within the last previous 3 years. If you are buying a new main residence now and are intending to dispose of

your current main residence now, the higher rates will apply. If you then dispose of your current main residence

Print Print | Sitemap Recommend this page Recommend this page
© INEEDADEAL.CO.UK

This website was created using 1&1 MyWebsite.