The property price is 325000 so i presume its 3 % of the total amount , someone else said he thinks it maybe
i hope its the latter of the 2 as of course that would be much cheaper.....
unfortunately it's not :-(
tim
Thanks for that Tim ...........
Bitstring , from the wonderful person tim..... said
If it were there'd me much less excitement about coming in under the
250k threshold, for instance. As it is, the marginal tax on the extra £1 of selling price is rather whopping. Strangely not a lot of houses sell for £250,000. (is it
Hi , its 325,000 , a friend of mine bought a property and paid 48k in stamp duty.....its a shocker , stamp duty is a real pain in the behind...i guess theres absoultly no way of getting it back , or is it considered on any capital gains you may earn on the property if you sold it , if it was not your first property ??
Yes well, at least 3% of 325k is "only" 10k, not 48k, so be grateful you're not buying a mansion like your friend's.
Yes, stamp duty counts as part of acquisition cost for gains purposes. That doesn't mean you "get it back", though, at least not all of it.
Because it directly reduces your taxable gain, the maximum you would get back is 40% (if you're paying CGT at the higher rate). But notice that taper relief reduces taxable gain, and therefore it also reduces the CGT saving contributed by the stamp duty. After 10 years, every £1000 spent on stamp duty will result in a CGT saving of at most £240.
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