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Comments
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It sounds as if you paid a little too much SDLT. It would have been £15,000 if the price was £500,000 and you say your price was under that.
This is assuming that the standard rates of SDLT apply; so that at the date of completion of the purchase this was your only property in the world and you did not have another one "counting against" you.0 -
The higher rate laws back in April did affect me because at the time I owned a property and exchanged on a second one. It was because of the fact that the law was retrospective that I was forced to sell my other property, even though I exchanged 2 months before the law was introduced.
By the time of completion I had already sold my other property and this was my only property in the UK and I paid 16k stamp duty in August, which from what I understand wouldn't apply today
At completion did you own property anywhere else outside of the UK?0 -
Property is just short of £500,000.
Is 16k just about right then? And wouldn't it be zero had I completed today instead of August?
[FONT=Verdana, sans-serif]Normal stamp duty, not an additional property and not a FTB on £500,000 in August 2018 and now:[/FONT]
[FONT=Verdana, sans-serif]£125,000 to £250,000 @ 2% = £2,500[/FONT]
[FONT=Verdana, sans-serif]£250,000 to £500,000 @ 5% = £12,500[/FONT]
[FONT=Verdana, sans-serif]Total £15,000[/FONT]
[FONT=Verdana, sans-serif]You are not due a refund because of any change in the budget because you are not the FTB of a shared ownership property.[/FONT]
[FONT=Verdana, sans-serif]Adjust the above formula for your price of a bit less than £500,000 then look at your completion statement for the exact amount paid in stamp duty. Don't include any of your solicitor's fees for filing the stamp duty return.[/FONT]
[FONT=Verdana, sans-serif]If you still think you overpaid contact your solicitor.[/FONT]0 -
Alright, thanks.
I didn't own property anywhere else in the world either. So would I have paid zero if I had completed today instead of August?0 -
Alright, thanks.
I didn't own property anywhere else in the world either. So would I have paid zero if I had completed today instead of August?
[FONT=Verdana, sans-serif]On £500,000 you would have paid £15,000 in August and £15,000 now, no change.[/FONT]0 -
Alright, thanks.
I didn't own property anywhere else in the world either. So would I have paid zero if I had completed today instead of August?
But you had previously owned one abroad so you were not and are not a first time buyer. That term applies to someone who has not previously owned a dwelling any where in the world.
The fact that you sold it before completion on your house did not make you a first time buyer.
It does ,however, mean that you did not have to pay the additional 3% stamp duty for owning a second home.
You did still need to pay the ordinary stamp duty.0 -
FYI. A FTB is a person that has NEVER bought a property in England and Wales. In addition to that, a couple for example where one is a FTB and another is not will not get the FTB reductions is my understanding but check with your mortgage advisor to be 100% certain.
Stm duty increases have never been retrospective.0 -
paulinefromtheuk wrote: »FYI. A FTB is a person that has NEVER [STRIKE]bought[/STRIKE] owned a [STRIKE]property[/STRIKE] dwelling in [STRIKE]England and Wales[/STRIKE] the world. In addition to that, a couple for example where one is a FTB and another is not will not get the FTB reductions is my understanding but check with your mortgage advisor to be 100% certain.
Stm duty increases have never been retrospective.
[FONT=Verdana, sans-serif]This was retrospective back to November 2017.[/FONT]0 -
Okay thank you guys0
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paulinefromtheuk wrote: »FYI. A FTB is a person that has NEVER bought a property in England and Wales. In addition to that, a couple for example where one is a FTB and another is not will not get the FTB reductions is my understanding but check with your mortgage advisor to be 100% certain.
Stm duty increases have never been retrospective.
See post 9 for the official definition of a first time buyer0
This discussion has been closed.
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