Stamp duty

smcqis

What the current % and bands?

Also say if its 1% up to 175k and 2% over 175k and your house cost for eaxmple 200k, do you pay 2% on 200k (i.e. 4k) or 1% of 175k and 2% of 25% (i.e. 2250).

Advice would be appreciated

princessamy86

All thresholds and rates here: http://www.hmrc.gov.uk/sdlt/index.htm

TrickyDicky

smcqis wrote: »

What the current % and bands?

Also say if its 1% up to 175k and 2% over 175k and your house cost for eaxmple 200k, do you pay 2% on 200k (i.e. 4k) or 1% of 175k and 2% of 25% (i.e. 2250).

Advice would be appreciated

Stamp duty is paid on the total!

So its 1% above £125k and 3% above £250k.

A house sold for £125000 would have £0 stamp duty
sale price £125001 would have £1250 stamp duty

£250000 house has £2500 stamp duty
£250001 house has £7500 stamp duty (hence very few house sell for between £250k and 275k)

seabright

And there's been a realy clamping down on paying over the odds for fixtures and fittings, so no more paying £250,000.00 for the house and £30,000.00 for the cooker, as a way of reducing the overall SDLT due

Gwhiz

Whilst I appreciate this is a house buying board can new joiners not use a search engine to find out basic factual information like SD rates?

I find more and more people taking this lazy approach. Without these sort of Qs we leave more bandwidth for more questions where peoples experience is needed to answer. Just MHO of course!

Doozergirl

Gwhiz wrote: »

Whilst I appreciate this is a house buying board can new joiners not use a search engine to find out basic factual information like SD rates?

I find more and more people taking this lazy approach. Without these sort of Qs we leave more bandwidth for more questions where peoples experience is needed to answer. Just MHO of course!

I'd guide you to Forum Etiquette further down the page on the right. "There's no such thing as a stupid question"

There is plenty of bandwidth available and evidently enough of us willing to answer the question that you don't have to waste your own time either replying or complaining about it.

Gwhiz

Doozergirl wrote: »

I'd guide you to Forum Etiquette further down the page on the right. "There's no such thing as a stupid question"

There is plenty of bandwidth available and evidently enough of us willing to answer the question that you don't have to waste your own time either replying or complaining about it.

Guess I just see this as reflection of a wider disease - people unwilling to put a little effort in up-front. As I said IMHO. Hey ho