Can anyone explain........

[djsy69]

Im in the process of buying a new house and im looking at a new estate thats being built near me, i spoken to the mortgage peeps and the developers and they go on about all sorts of crap, but they all mention "stamp duty" and i'll have to pay a %age of the house, ive asked a few blokes at work and no one seems to be able to tell me what it is. Can anyone shed any light for me, is it like council tax?, is a one-off payment? ect...
cheers,
Leon.

[Ken]

AFAIK its a one off payment made when purchasing a property, I think its 1% of purchase price, just another way of taxing you really

[djsy69]

Bastards!!!!:mad: , who does this money go to then?

[Ken]

President Blair and his cronies

Try this link http://money.msn.co.uk/mortgages/calculate/Tools/it_StampDuty/default.asp?MSID=7f06b7f5e0e64764b265413f97cc268e#

[Phil L]

Stamp duty is a tax to the government :mad: when buying a house, and depends on price of house:

below £60k its zero
£60k to £250k 1%
above £250k 3%

[Luke]

If for instance your house is 'close' to the thresh hold, make sure you buy the 'fixtures and fittings' separately ;)

[Ken]

Below 60k is zero, thats helpful, where can you buy a house for 60k, cant even get a studio flat for that where I am:( :(

[djsy69]

ARGHHHH:mad: :mad: :mad: , that twat has had loads out of me this year already, i earn a decent wage and it really winds me up that i have to pay so much tax as it, let alone more to the theiving scumbag, it wouldnt be too bad if it was being spent to improve this country, and not going to "non residents" ( will be polite for once).
Ha Ha, heres a little story for ya, my mate was telling me that his missus was in town one day when a "non residents" - **** it asylum seeking, free-loading theiving twats, asked his missus where the "free bank" was, she pointed to the natwest, - nope, she pointed to HSBC - NOPE , Then to T.S.B - not that one either , then he pointed to a shopper walking past with a post office bag and said "free bank"
I think that says it all!!!!

[Jeff]

It's just another friggin' tax. If the house costs less than (roughly cos I can't be arsed to check figs) £60k stamp duty is nothing. From there to (again roughly) £250k it's 1% then above that it's 2% (I think). If you want exact figures let me know cos I have them here somewhere :)

The whole value of the property is subject to this tax, not just the amount in the relevant bracket i.e. a house worth £61k has a stamp duty liability of 1% of £61k, where as a house worth £59k has a stamp duty of 0% of £59k. So houses worth just over £60k tend to sell for just under, with the rest paid in cash, usually disguised as payments for carpets, curtains etc ;)

It should be a comparatively fair tax as it's based on the value of your home and therefore in some way related to your wealth. However house prices have shot up like a rocket and the stamp duty brackets have eased up like a....er....snail climbing up a wall? :D The govt make about twice as much out of stamp duty as they did around 5 years ago but try to keep this quiet :mad:

HTH - Sorry for the essay :o

[Luke]

In sunny Hull you can buy a 3 bed semi (in a nice area!!).. the house next to me (with garden went for £57500 :eek: :eek: (with a little garden, off road parking and in a cul-de-sac)

Luke

[JB]

Originally posted by Luke
In sunny Hull you can buy a 3 bed semi (in a nice area!!).. the house next to me (with garden went for £57500 :eek: :eek: (with a little garden, off road parking and in a cul-de-sac)

The only disadvantage being that you have to live in Hull ;) Not exactly handy if you work in the SouthEast.

[dunc]

Originally posted by Blue
Below 60k is zero, thats helpful, where can you buy a house for 60k, cant even get a studio flat for that where I am:( :(

Just bought a two bedroom house,living room etc, front and back garden, upper floor has sea views, etc. etc. for £58k.

I considered this to be too expensive, but because it was so close to my work I just got it (and I couldn't be bothered with any more arsing about).

Sometimes I forget how much houses are down south :(