Stamp duty land tax is payable on the purchase of residential property at escalating rates. The first £125,000 of value is exempt from tax, but the next £125,000 is taxed at 2%. The rate then continues to rise until it reaches 12% on purchase prices in excess of £1.5 million. However, relief is available to […]
Clairville York Limited is authorised and regulated by the Financial Conduct Authority. No 207474
Investors should be aware that capital is at risk. Past investment performance is not a reliable guide to future performance. The potential for profit is accompanied by the possibility of loss. The value of investment funds and income from them may go down as well as up and investors may not get back the original amount invested.
The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website as www.financial-ombudsman.org.uk
Stamp duty land tax is payable on the purchase of residential property at escalating rates. The first £125,000 of value is exempt from tax, but the next £125,000 is taxed at 2%. The rate then continues to rise until it reaches 12% on purchase prices in excess of £1.5 million.
However, relief is available to first-time buyers who, as of 22 November 2017, are able to claim exemption in respect of properties costing no more than £300,000. Relief ceases to be available on properties costing £500,000 or more, and the excess over the £300,000 exempt limit is taxed at 5%.
The conditions of eligibility are that the buyers should be individuals who have never previously owned a freehold or leasehold interest in residential property anywhere in the world and that the property is intended to be used as a main or only residence.
