Tax Needn’t Be Taxing…
When working out whether you can afford your dream home, don’t forget that you will also need to pay stamp duty.
FREE Service
At mosshaselhurst solicitors in Cheshire, we will complete your tax return and arrange payment of the Stamp Duty within the strict time limits imposed by the Inland Revenue. This service is FREE when you instruct us in your purchase.
What is Stamp Duty?
Stamp Duty is charged on all purchases of houses, flats and other land and buildings.
What are the rates of Stamp Duty?
If you buy either a freehold or a leasehold property and the purchase price is more than ?125,000, you pay Stamp Duty of between one and five per cent of the whole purchase price.
If the purchase price is ?125,000 or less you don't pay any Stamp Duty
First-time buyers and Stamp Duty
If you are a first-time buyer the threshold for when you start to pay Stamp Duty is ?250,000. This is only if you have never owned a house or flat in the UK or anywhere else in the world. If you are buying with someone else they must never have owned property before either.
This higher threshold applies to purchases made on or after 25 March 2010 and before 25 March 2012.
Rates of Stamp Duty March 2012.
| Purchase price of residential property | Rate(percentage of the total purchase price) | Rate - first-time buyers (percentage of the total purchase price) |
|---|---|---|
| £0 - £125,000 | 0% | 0% |
| £125,001 - £250,000 | 1% | 0% |
| £250,001 - £500,000 | 3% | 3% |
| £500,001 - £1 million | 4% | 4% |
| £1 million or more | 5% | 5% |
Please call one of our offices in Northwich, Wilmslow or Winsford for more information.
