As society continues to develop and people's living standards gradually improve, many people plan to buy real estate abroad, but British real estate is favored by many Chinese. You need to pay stamp duty when buying real estate in the UK. So how much stamp duty does you need to pay when buying real estate in the UK? How should it be calculated?The British real estate editor will give you a brief introduction on how to calculate stamp duty?
Stamp duty is equivalent to domestic deed tax. Whether a British resident or an overseas person, when purchasing a property, they need to pay stamp duty to the tax bureau. Because stamp duty must be paid to the tax bureau when a real estate transaction is completed , the sale and purchase transaction can be recognized by the local government.
Starting from September 23, 2022, the threshold for stamp duty in the UK will be increased. At the same time, the threshold for stamp duty in England and Northern Ireland will be increased from the original 125,000 pounds to 250,000 pounds. The threshold for first-time buyers has been increased from £300,000 to £425,000. At the same time, the price limit for first homes eligible for this relief has also increased from £500,000 to £625,000.In the UK, stamp duty collection is distributed in a stepped manner, and differences in housing prices lead to different tax rates.The specific calculation method is as follows:
#{6 } 1. Local buyers:If it is the first local home in the world and the house price is less than 62.50,000 pounds, the first 42.50,000 pounds can be purchased If you declare a tax exemption, you will have to pay 5% tax on the remaining part. If it is not a first-time home, there is no tax exemption, 3% stamp tax will be levied on 0-250,000, and 8% stamp tax will be levied on 25-92.5w.92.5W-150W, 13%, 15% for 150w and above
2. Overseas buyers:
Global first-time home buyers and non -first-time home buyers based on the above, plus 2% for each tax rate range.
