Upsizing & Stamp Duty

thecrater

Hello,
I'm looking to sell my current home and upsize. I have a few question and I would be grateful if anyone can help answer the following questions:

Since I'm selling my current home and will only have one property, Am I right to assume that I would pay the standard stamp duty and not the one that applies to those with more than one property?

Do I have to save for the stamp duty separately or can my solicitors take it out of the sale of my current property?

davilown

thecrater wrote: »

Hello,
I'm looking to sell my current home and upsize. I have a few question and I would be grateful if anyone can help answer the following questions:

Since I'm selling my current home and will only have one property, Am I right to assume that I would pay the standard stamp duty and not the one that applies to those with more than one property?

Do I have to save for the stamp duty separately or can my solicitors take it out of the sale of my current property?

Yes just standard stamp duty, solicitors could take it out of the proceeds from your house sale if there is sufficient equity to cover it and the purchase of your new property, and or you new mortgage covers it.

thecrater

Thank you very much :-)

crisp

Not sure what governments profess to do to justify grabbing SDLT at some of the levels we are seeing.

buglawton

Apparently when SDLT was introduced it cost 6d (2.5p). It started as a genuine admin charge. Now it's a 'property consumption tax' or as I call it, a job mobility tax.

HappyHarry

crisp wrote: »

Not sure what governments profess to do to justify grabbing SDLT at some of the levels we are seeing.

It's a tax.

It pays for things like education, the NHS, police, and all those other things that many people take for granted.

Tax has to be raised somehow. If you think the tax should be raised from a different source, or tax should be spent on different things, then vote accordingly in the next election.

davidmcn

crisp wrote: »

Not sure what governments profess to do to justify grabbing SDLT at some of the levels we are seeing.

Compared with many other countries we get off quite lightly with stamp duty (and capital gains tax, and inheritance tax). What would you rather be paying your tax on?

pjcox2005

crisp wrote: »

Not sure what governments profess to do to justify grabbing SDLT at some of the levels we are seeing.

You could ask what the individuals have done to justify the gains associated with personal property. Perhaps they could remove principal private residence relief on a gain on sale?

strawberries1

HappyHarry wrote: »

It's a tax.

It pays for things like education, the NHS, police, and all those other things that many people take for granted.

Tax has to be raised somehow. If you think the tax should be raised from a different source, or tax should be spent on different things, then vote accordingly in the next election.

Income is already heavily taxed.
Even human should be allowed to purchase their homes with their hard earned money, not be taxed again at purchase or sale. That's taxing 3 times! It's right to buy that is madness. It's not the job of any government to discount houses for sale. Govt should create an enabling environment for people to build careers or set up businesses; not heavily discount houses to people who have already been receiving subsidised rent. Soon enough there'll be no social housing left. You just wait and see.

crisp

Equally, its a tax which pays for the wealthy Royals and sweetheart tax deals for offshore companies, MPs and their expenses, failed IT projects, illegal wars, lazy people that have never worked and their handouts, consultants, spin doctors, the EU waste, - all depends on whether you are naiive enough to believe the government propaganda.

Its a grotesque tax on people doing the right thing, on labour mobility, on building, furniture and relocation spending and works against freeing up property at the upper end from people who really want to downscale.

crisp

davidmcn wrote: »

Compared with many other countries we get off quite lightly with stamp duty (and capital gains tax, and inheritance tax). What would you rather be paying your tax on?

cut spending on dependence driven tax credits, child and other benefit. Politicians and the public need to grow a pair