What You Need To Know Regarding Property Stamp Duty
residential property} and have never owned a property in the UK or abroad before. If you qualify,no Stamp Duty will be payable,unless the property costs more than Ã‚Â£300,000.
However if you are purchasing a property that costs Ã‚Â£500,000,you will only pay Stamp Duty on the Ã‚Â£200,000 over the threshold. This can really reduce the costs of purchasing a home and will save you a fair amount of money. However,it is important to note that if the property costs over Ã‚Â£500,000,you will not qualify for first time buyer’s relief.
When Do You Have To Pay The Tax?
When you purchase a property,you will have to fill in a Stamp Duty Land Tax return. The amount that you owe will then have to be paid within 30 days of the purchase being completed. If you do not submit the return and pay the tax within 30 days,HMRC could charge you interest and penalties.
If you are in the process of buying a home,then please do see our great set of help pages