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September 30, 2022The government uses many schemes to generate income. Taxation remains the most popular and it comes in both direct and indirect forms. One of this most overtly direct is the Stamp duty land tax. Its history stems from all the correspondence generated by a house move and how the many and various departments had to communicate with each other. As selling and buying houses can generate a considerable amount of income the government effectively puts a tax on buying a home. There are some expectations for this rule. If any of the party buying the home are a first time buyer then there is an exemption, up to a certain amount. This has recently been increased from £300k to £425k. The higher the property value the more that you pay in stamp duty land tax.
It is the role of the conveyancer to ensure that the correct amount of stamp duty land tax is paid. Conveyancing Cheltenham experts like Montpelier Legal work hard so that you can relax knowing that this element of the house purchase has been completely taken care of.
The point at which you start to pay stamp duty land tax has been recently increased. It now sits at £250k. Given that the average house price in the UK is about £250k this is almost the same as freezing the rate as very little will be paid. The hope is that as the economy improves so will the UK Housing market and the income generated will be greater later.
