Who Pays Stamp Duty
Working out how much duty you need to pay on the purchase of your new house can be daunting. But calling the helpline number will get you all the help you need. The government has recently revealed that it’s potentially in the process of reviewing the duty thresholds for homeowners and landlords. Which will come into effect in April 2016 to correspond with the new financial year?
If you need to clarify the new stamp duty requirements, then there is a dedicated contact number for you to call. Or take a look at the money advice service website for help and advice on buying a home.
In order to encourage first-time buyers wishing to get a foothold on the property ladder, the government is going to continue with the legislation installed in 2000 which states that a property purchase of £125,000 or less is exempt from duty completely. However, for property purchases of £125,001 or more. The duty can have an impact on the overall cost of buying a property. There are many property websites which have calculators that help you arrive at a figure you will have to pay the HMRC. Again, if you need more support or advice calculating the tax payable. Then you can phone the helpline number provided 0300 200 3510. To calculate stamp duty click here, or click here to make a payment to the HMRC.
The duty thresholds that are currently in existence are decided by several property price layers. Property stamp duty thresholds are as follows. A house which costs between £125,001 and £250,000 the current duty is 2% of the cost price. However, for houses regardless of whether they are freehold or leasehold costing between £250,001 and £925,000 the cost of the duty more than doubles.
Contact Number 0300 200 3510
Instead of having to pay 2% duty it suddenly increases to 5% of the cost price of the property. In addition, the percentage rate of duty continues to increase for properties which cost between £925,001 and £1.5 million pounds. For property buyers that purchase property between the £925,001 and £1.5million bracket, the percentage rate increases to 10% of the cost of the property.
The highest threshold rate relates to properties that cost £1.5 million and higher. Properties within this bracket have to pay a duty of 12% of the property cost price. Ultimately, to get an exact total do not hesitate calling the helpline number for advice.
HMRC Helpline Number:
|Land Tax Helpline||Contact Number|
|CGT Office Number||0300 200 3510|
HMRC Opening Times:
|Mon to Fri.||8.30am to 5.00pm|
|Sat & Sun.||Closed|
HMRC Postal Address:
|Revenue & Customs||Birmingham Stamp Office.
City Centre House,
30 Union Street,
Birmingham, B2 4AR.