How is Stamp duty charged?
Please explain % how it is worked out?
Asked on Mar 23 2013,
Home Finance in Ilford |
Stamp duty is essentially a tax on the purchase of any home costing more than £125,000. It is now officially known as Stamp Duty Land Tax (SDLT). The charge is an additional payment that you must make on top of the price of a property that falls into the criteria level.
This is calculated on what your final sale value is when you make the purchase, and you can see the breakdown of all the charges by having a quick look at the official governmental site for this issue via the link below.
As you will see, it goes up depending on how much you paid for your home, with a one per cent levy on anything above £125,000 and below £250,000 being the basic rate, right up to seven per cent that is charged on houses that cost more than £2 million to the buyer.
Web reference: https://www.gov.uk/stamp-duty-land-tax-rates
Answered on Mar 25 2013,
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