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stamp duty question regarding the £40k threshold
kevinqq
Posts: 12 Forumite
Stamp Duty in Scotland
This site doesn't seem to take the £40k off the calculation. I put in a £140k house as a 2nd home, expecting it to calculate the 8% stamp duty off £100k therefore being £8k. but it comes back with £11,200. Why is this?
This site doesn't seem to take the £40k off the calculation. I put in a £140k house as a 2nd home, expecting it to calculate the 8% stamp duty off £100k therefore being £8k. but it comes back with £11,200. Why is this?
0
Comments
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hello i've just answered my own question. So if it's £39.999 there is no stamp duty. If £40k the 8% kicks in.
So it's not a case of getting the 1st £40k free. Sorry for a stupid question.0 -
Correct - this is a cliffedge boundary which is usually to be avoided in tax banding. However I suppose in this case its really designed more like a "de minimis" exemption rather than a progressive band.0
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