Useful reminders and tips
Stamp Duty - This Tax is levied on land transactions by the Government and responsibility for paying the Stamp Duty falls on the party acquiring the interest in land. The current rates of tax are as follows:-
|
Purchase price/lease premium or transfer value |
SDLT rate |
SDLT rate for first time buyers |
|
Up to £125,000 |
Zero |
Zero |
|
Over £125,000 to £250,000 |
1% |
Zero |
|
Over £250,000 to £500,000 |
3% |
3% |
|
Over £500,000 to £1 million |
4% |
4% |
|
Over £1 million |
5% |
5% |
The highest band of 5% is to be introduced from 6th April 2011 and up to 25th March 2012 first time buyers who satisfy certain criteria are exempt from paying Stamp Duty altogether up to a price of £250,000.
The purchaser must submit a comprehensive Tax Return to HM Revenue & Customs within 30 days of substantial completion of the transaction. Failure to submit the Return on time or the giving of incorrect or incomplete information in the Return will result in penalties being incurred. In most cases a Return must be submitted even if no tax is payable.
If you are unsure and would like to talk through you tax position, contact us for advice.
And finally, don't forget to......
- Take final gas and electricity readings before you leave your present property.
- Arrange for re-direction of your mail
- Notify your telephone supply company
- Register with a new Doctor if you are moving district.
- Check which school catchment areas your new home lies in
- Contact the Premium Bond office - imagine if your numbers came up but you never found out about it!
- Send out change of address cards to your friends and family
- Cancel insurance arrangements for the old property
- Cancel the milk and paper deliveries
- Switch off the water supply if your present property is be left vacant for a period of time after you have left
- Notify the school, your bank and your employers of your change of address/phone numbers.
- Tell the kids!!!!!
