stamp duty

[mcfadden]

What value is stamp duty on a brand new �260,000 house?

[natalie_1982]

Depends on the area, I don't have to pay stamp duty where I am.

[Sludge]

Stamp Duty to be paid by the purchaser on the price paid for a property is as follows:-

(1) up to �60,000               nil
(2) �60,001 to �250,000     1%
(3) �250,001 to �500,000    3%
(4) More than �500,000      4%
 

[Tony Balony]

Natalie, what are you talking about? Please tell me what area is exempt from Stamp Duty?

[natalie_1982]

Blackbird (and Greater) Leys is exempt from Stamp Duty, I used to work in an estate agents and it is something to do with a government scheme to get council tenants to buy their own properties.

There are a few other areas locally that are exempt too I think Rose Hill, Littlemore, Wood Farm and Barton.

[natalie_1982]

http://www.inlandrevenue.gov.uk/so/england.pdf

http://www.themovechannel.com/sitefeatures/viewpoints/buyer16.asp

That's what I'm talking about you rude little man.

[Flanker8]

Pay �249,000 for the house and the extra �11,000 for the fixtures and fittings, white goods that are being left etc..., and save 2%.

This is what I did - I expect this loophole will be blocked some time soon (if it hasn't already).

[Tony Balony]

Apologies to Natalie for being curt. You certainly are very lucky getting away with paying this tax. I  got clobbered for �8370 when I moved in 2002!!

[natalie_1982]

Still bloody expensive though.  I live around Oxford so is mega bucks - �150,000 min. for a two bed flat in a 15 floor tower block that smells like wee. 

I am quite lucky but living in a dive of an area, think I'd prefer to pay the stamp duty and live somewhere without tower blocks!

[Octavius]

With current average house prices exceeding the initial purpose of stamp duty - it has now become a general tax, rather than a tax on higher priced properties - the Royal Institute of Chartered Surveyors are currently lobbying the government to increase the property values.