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Stamp
Duty Information
written by Maria Davies
www.WomenInPropertyInvestment.com
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Please
be sure to take legal and accountancy advice on any tax issues,
particularly those concerning inheritance tax. The purpose
of this article is just to make you aware of some options
and the questions you should be asking.
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When
you buy a property, you have to pay Stamp Duty Land Tax
(SDLT) at the following rates for tax year 2006/07:
| Value
up to £125K |
Nil |
| £125K
- £250K |
1%
of purchase price |
| £250K
- £500K |
3%
of purchase price |
| £500,001
or higher |
4%
of purchase price |
This doesn't just apply when you buy a property, it will
apply if you transfer an asset and there is consideration
(i.e. money changes hands, even in the form of adding someone's
name to your mortgage), so be aware of this if you get married
and want to add your partner to the deeds and mortgage.
If
you later get divorced, however, there is exemption from
SDLT in the case of divorce or dissolution of a civil partnership
where a jointly-owned property is transferred to sole ownership.
Who
said taxes promote marriage!
©
Maria Davies, www.WomenInPropertyInvestment.com
This article may be distributed or reproduced in full provided
the above Copyright line is also included in full.
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Disclaimer: This website is based on personal findings. It does
not constitute financial advice. Any information should be considered
in regard to your own specific circumstances. All recommendations
are followed at your own risk and all your financial decisions should
be as a result of your own research
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