Do I pay stamp duty?

somethingcorporate

At least he made a profit!!

harryhound

martindow wrote: »

I'm not sure if a smaller proportion was paid then. Thatcher made great play of reducing taxes in the 70s, but she only counted income tax while adding to indirect taxes.

Looking at the graph on page 7 of this

http://www.ifs.org.uk/bns/bn25.pdf

it hasn't changed much since 1948

Excellent post!

I think my figure of 27% probably excluded building new power stations and similar "investment" spending on behalf of the tax payer.
Does it include the cash cow of "Council Tax".
How about the percentage of VAT that goes to Europe - I notice it does include (some) grants that come back again but is the CAP in there somewhere.**
Obviously the stealth taxes and PFI and "compulsory unmitigated payments" (eg FiT) cannot be in those figures as they are all new.
The graph that caught my eye was the one that showed the collapse of this "investment" spending.
It is probably being done if at all by using a PFI "mortgage" for our kids to pay.
Margaret Thatcher was blessed with North Sea Oil revenues - and for a short time had so much money coming in there was talk of paying off the national debt.:rotfl::rotfl::rotfl:

Is there an up to date report showing how the economy changed while Gordon Brown had control over tax borrow print and spend?

As someone once said: "Figures don't lie but liars sure can figure".

Ah found it - though have the accountants ever been able to sign off the EU's accounts ?

For years after UK accession to the European Community, both revenue and
expenditure totals have been adjusted to include European income and spending. Numbers on the European System of Accounts 95 basis are available only back to the 1940s, before which time they are measured differently. All series change in 1948, so there is only one major discontinuity in the graph.

poppysarah

FireWyrm wrote: »

My financial advisor claims that I should pay stamp duty on this purchase because I once owned the house in Milton Keynes. I don't think I should because I thought first time buyers are entitled to a free pass on stamp duty for their first purchase.

Can anyone tell me the proper rules, who's right and how I prove my case if I am correct.

You're wrong.

You owned a house in the past and so are NOT a first time buyer.


Do you not trust your financial advisor?

FireWyrm

poppysarah wrote: »

You're wrong.

You owned a house in the past and so are NOT a first time buyer.


Do you not trust your financial advisor?

Yes I trust him, but he's a an accountant and not a solicitor versed in property purchase. These two spheres cross, but neither necessarily knows the full facts. I couldnt remember whether I told him about the shared ownership and the lack of having to pay stamp duty the first time. It could have been that only those who had ever paid stamp duty for the first time had to pay again. Since I have never technically paid stamp duty, it was possible.

googler

FireWyrm wrote: »

Yes I trust him, but he's a an accountant and not a solicitor versed in property purchase. These two spheres cross, but neither necessarily knows the full facts. I couldnt remember whether I told him about the shared ownership and the lack of having to pay stamp duty the first time. It could have been that only those who had ever paid stamp duty for the first time had to pay again. Since I have never technically paid stamp duty, it was possible.

OK, now you know the full facts. You've had an interest in a property before, therefore, according to HMRC rules, you do not qualify for SD relief. Tell your accountant and solicitor this.

FireWyrm

googler wrote: »

OK, now you know the full facts. You've had an interest in a property before, therefore, according to HMRC rules, you do not qualify for SD relief. Tell your accountant and solicitor this.

Thank you for the information. However, going by phonecalls today, whether or not I pay stamp duty is the least of my problems right now. I'm never doing this again!

MrPhoton

Hmm I recently bought a property in Sydney. I am a first homebuyer myself but were given a concession for the property I bought which falls under the $500K to $600K bracket. First home buyers in Australia are given full stamp duty concession for property below and equal to $500,000. At $500k-$600k, there is discounts, of which mine is slightly over 70% discount.

aabbtang

So you don't qualify.

googler

MrPhoton wrote: »

Hmm I recently bought a property in Sydney. I am a first homebuyer myself but were given a concession for the property I bought which falls under the $500K to $600K bracket. First home buyers in Australia are given full stamp duty concession for property below and equal to $500,000. At $500k-$600k, there is discounts, of which mine is slightly over 70% discount.

....and the reason for posting this in a UK-based forum is what, exactly?

kingstreet

FireWyrm wrote: »

the council pulled a fast one on Dad

They didn't. The purchaser's solicitor normally asked the purchaser if it was likely they would purchase an additional share(s) in the future. If the answer was yes, the solicitor would pay the stamp duty at the outset to reduce the potentially higher stamp duty costs later on when "staircasing."

More here;-

http://www.hmrc.gov.uk/sdlt/calculate/shared-ownership.htm