Day: November 21, 2018

If you are going to be buying a home in England and Northern Ireland,you need to know about stamp duty. You should know what stamp duty is as well as the amount you will have to pay. There are however other things that you will need to be aware of regarding stamp duty as well.

What Is Stamp Duty?

Stamp Duty is a property tax which is leveled on the purchase of residential property,land and second homes. The tax will only be applied to maind residential property and land which costs more than £125,000 and on second homes which cost more than £40,000. It is important to note that this tax will apply to both free and leasehold properties whether you have a mortgage or pay cash.

Stamp duty is only applied for property purchased in England and Northern Ireland. If you are purchasing property on Scotland and Wales,you will need to look at the Land and Buildings Transaction Tax and the Land Transaction Tax respectively. These are the taxes that are comparable to Stamp Duty.

How Much Is Stamp Duty?

While it is vital to know about Stamp Duty,you also need to consider how much it will cost you. There are a number of different bands of Stamp Duty based on the price of the property that you are going to purchase. Using these bands,you will be able to see the amount of tax that you will be charged.

The good news is that if the property costs less than £125,000,no Stamp Duty will be charged. However,if the property costs between £125,001 and £250,000,you will have to pay 2%. The next band is £250,001 to £925,000 and the Stamp Duty will be 5%. Property that costs more than £1.5 million will have a Stamp Duty of 12%.

Stamp Duty Relief For First Time Buyers

If you are a first time home buyer,you will qualify for first time buyer's relief. To qualify as a first-time buyer,you will need to be buying your first home

It looks like rules are everywhere. Since you were young,your parents set guidelines like "bedtime is at 8" or "you can only eat cookies on Fridays." Now that you're an adult,you can eat cookies whenever you want,and nobody can tell you anything else.
But,you're still following guidelines. You most likely are believing about the laws put in location. Yes,you can't do anything to overcome those guidelines,however I'm speaking of different guidelines.
The guidelines I'm talking about are imaginary. They don't exist. In reality,you're the one that set them in the first place someplace along the method.
Today,we're going to break those guidelines and change them with some guidelines that will actually get you to your objectives. As part of a bigger series,today,we're going to look at rules 2,3,and 4.

For more from John Sage sales and marketing,click here.

Guideline 2: There are no rules besides those you select to follow

Continuing from Guideline One,you do not require to have guidelines in life. If you desire,you can ignore them all and invest your money on whatever. This isn't always the most suggested way of life,so it's best to have some guidelines to follow.
Even so,it's on you to set those guidelines. You can't let anybody else do it for you. We're more most likely to follow guidelines that we've set for ourselves because we understand that they're there for a purpose-- not "just because."
You require to check these rules to make sure that they remain in reality beneficial. If not,get rid of them. In the world of property investment,you can't hold yourself back if you don't require to.

Guideline Three: You get what you opt for

In everything in life,we end up settling for less than what we desire. Here's an example of this rule at work:
You decide that you require to find ways to make that extra money. At the same time,the thought of losing your $100,000 appears excruciating,and you 'd much rather secure what you have then make the additional money.
You're choosing $100,000. On the other hand,if it is just unacceptable for you to only have $100,000,you're dissatisfied with settling,and you'll do whatever it requires to turn that into $1,000,000. If you don't opt for less,the latter of the two situations is more most likely to take place.

Guideline Four: Anything you want in life is possible if you are prepared to do what it takes

Let me be clear-- I'm not proposing you abandon all ethics or morals and end up being a selfish,greedy person. Instead,I want you to think of what you really want in life. Whether that indicates you want to double your net worth in the next six months or save enough for a holiday with the household,you need to be ready to do the tough work and make your objectives happen.

Stay Tuned

The rules of the wealth building don't end there. Follow me on social media and keep up to date with this blog site to read the next rules. www.johnsage.com.au