2007-02-07 04:46:22 · 8 answers · asked by pdokeeffe 1 in Business & Finance ➔ Taxes ➔ United Kingdom
when u buy a house.
ask ur solicitors, they'll explain the system 4 u.
2007-02-07 04:50:07 · answer #1 · answered by Anonymous · 0⤊ 0⤋
How much you pay depends on the purchase price of the property you're buying. Up to £125,000 and you don't pay any, £125,001 to £250,000 you pay 1%, £250.001 to £500,000 you pay 3% and anything above £500,000 you pay 4%. There are some exceptions such as properties in 'disadvantaged areas' - a Solicitor can advise you if this applies.
The stamp duty is paid to the Solicitor who will forward it to HM Customs and Excise. It is at the point of Exchange of Contracts that it becomes due, the date of E of C is something you arrange with your Solicitor and they agree with the sellers Solicitor. You may not pay it at this point but E of C is when you are obliged to purchase the property - when it's effectively yours.
2007-02-07 04:55:08 · answer #2 · answered by Trevor 7 · 0⤊ 0⤋
Over £250,000 the rate rises to 3%. That's one heck of a rise!
2007-02-07 04:56:19 · answer #3 · answered by More or less Cosmic 4 · 0⤊ 0⤋
stamp duty is paid upon registration of title. your solicitor will sort it out.
2007-02-07 04:56:32 · answer #4 · answered by tradcobdriver 4 · 0⤊ 0⤋
When you buy a property over 125.000
under 125.000 you dont have to pay and its only 1%
2007-02-07 04:49:04 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It is just another form of tax. There are dozens of ways the government can take money from us, and that just happens to be one of them.
2007-02-07 04:49:38 · answer #6 · answered by R.E.M.E. 5 · 1⤊ 0⤋
0.5% purchase price of shares,goes at same time as your commission, is never invested.
2007-02-08 09:28:18 · answer #7 · answered by Anonymous · 0⤊ 0⤋
when It's due
2007-02-07 04:48:56 · answer #8 · answered by barn owl 5 · 0⤊ 1⤋