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Stamp duty query
My friend already owns a property in Bulgaria with a value of less than £40k. He intends to keep this property and buy a UK property to the value of £275k. In the spirit of the law I would assume that the property in Bulgaria would not be taken into account when calculating stamp duty on the UK house (because its’ value is less than £40k). The resultant stamp duty on the UK property would therefore be £1250. Is this correct?
I ask because online stamp duty calculators all assume that the existing property is valued more than £40k.
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