Stamp duty online calculator makes buying a new house easy
If you're thinking of buying a new property, the first thing to do is use a stamp duty online calculator to work out exactly how much tax you will have to pay on the property.
Stamp duty is a major expense for home buyers and knowing the exact amount you have to pay is vital when considering the affordability of your new house.
Under new rules the UK Government brought in under the 2010 budget, the rate of stamp duty has changed for first-time buyers and properties over £1 million. Stamp duty is now charged at 5 per cent for deals that breach the million pound mark.
And first-time buyers can avail of a temporary two year relief from stamp duty on properties worth up to £250,000. There are two different online calculators for stamp duty. One is for first-time buyers and the other one is for the normal rate of stamp duty.
There are many places where you can find a stamp duty online calculator. This Is Money has both stamp duty calculators available on their website to use and there's also lots of advice on stamp duty that you might find helpful if you're on the hunt for a bargain deal.
Under the old stamp duty system, there was often a temptation to artificially keep the price of a property below the thresholds by including a large price for the fixtures and fittings. Be advised, the new system is much more detailed and includes a six page form that will be carefully scrutinised by the tax man if your property is just below a certain threshold.
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