#Stampduty
What Is Stamp Duty Land Tax (UK) - Why Do We Have To Pay It ?
So in this video we discuss the following topics:
"What is Stamp Duty" ? (UK)
"Why do we have to pay it" ?
"How can buyers reduce stamp duty or possibly avoid paying it" ?
Stamp Duty is a conditional tax paid, when you buy land or a residential property, generally over the value of £125,000, second home buyers pay an extra 4& on properties more than £40,000.
Stamp duty applies to both freehold and leasehold whether you're buying a property with your own money or using a mortgage.
Stamp Duty covers the legal cost for the transaction process involved in purchasing the property. You have to pay Stamp Duty on completion and your lawyer will discharge this liability at the inland revenue within 14 days of the completion date. If it's not paid in time the revenue might charge you interest and a penalty.
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