Technology1 min ago
Stamp duty query
Hi can someone help me with this Please..... I am buying a house for 50k but the value of the house is actually 230k (its a private family sale).
My solicitor has told me I will still have to pay stamp duty of £2,300 because thats the value of the house. Is this right? I don't understand why, when I'm only paying 50k for it.....
My solicitor has told me I will still have to pay stamp duty of £2,300 because thats the value of the house. Is this right? I don't understand why, when I'm only paying 50k for it.....
Answers
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No best answer has yet been selected by Curly13. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.The solicitor is right. Otherwise everyone would sell houses at a lower price to reduce the iniquitous stamp duty tax & then sell various contents etc. for the rest of the price.
However, the Government announced an increase in the stamp duty limit to £250K in the Budget. I don't know when this comes in but your solicitor will know. Defer the sale till then.
However, the Government announced an increase in the stamp duty limit to £250K in the Budget. I don't know when this comes in but your solicitor will know. Defer the sale till then.