Purchasing a new property? Don’t forgot to factor in Stamp Duty
Are you in the process of purchasing a house? Perhaps you’re looking to capitalise on the lucrative ‘Buy to Let’ market that appears to be going from strength to strength, particularly with today’s generation of renters. Whatever your position, one important consideration to factor in is how much stamp duty you will need to pay.
While there are many online sites offering a stamp duty calculator, Fiducia may also be able to assist you with legitimate stamp duty avoidance measures.
Since December 2014 the United Kingdom has seen BIG changes to the way stamp duty is calculated. Following the Chancellors shake up of the old stamp duty calculation system (whereby you were charged 1% on any property between the value of £125,000 and £250,000, then 3% on properties valued between £250,000 and £500,000). This was eventually deemed unfair as even if your property was valued at £300,000 you would still pay the higher rate of 3%, the same as someone who’s property was worth £500,000.
The new system of calculating the stamp duty owed on a new purchase (on properties based in England, Wales and Northern Ireland) is an incremental one. Properties valued between £0 and £125,000 pay nothing, properties valued between £125,000 and £250,000 pay 2%, if your property is valued above £250,000 you then pay 5% on the value over that.
If you’re considering moving house or purchasing another property it would be wise to use Fiducia’s stamp duty calculator to calculate just how much you may be expected to pay. Fiducia work with a team of leading tax barristers to offer their clients fully insured strategies, compliant with statutory regulations to benefit from legitimate avoidance measures.
For further information, contact Fiducia on 01625 599200 or visit their site at www.fiducia.co.uk