San Fransisco, CA -- (SBWIRE) -- 05/10/2012 -- In March, stamp duty on homes changed drastically in the new budget, including rates of up to 7% on properties worth two million or more. The changes have caused consternation among property buyers and there’s still confusion over who will stand to be taxed what.
A site that has been getting a lot of attention lately is StampDutyCalculator.org which has recently come online to give a two-pronged approach toward getting to grips with stamp duty on homes across the United Kingdom.
The website offers first a simple interface in which property buyers can enter the value of the property, select whether it is commercial or residential, and specify whether or not they are a first time buyer. By clicking Calculate, buyers can then find out how much Stamp Duty they will owe making the purchase.
The twist in the tale comes when consumers also find out how much you can save. By entering into a stamp duty mitigation scheme, buyers can save a potentially huge proportion of their stamp duty without breaking the law.
When clicking the link to find out more about Stamp Duty mitigation schemes a simple qualification guide is provided together with a contact form for a free individual quote. In this way, potential buyers can find out exactly how much they will save and what the service will amount to in their specific situation.
A spokesperson further clarified the process and legislation, “If the value is above the payment threshold, SDLT is charged at the appropriate rate on the whole of the amount paid. A house bought for £400,000 is charged at 3 per cent, so SDLT of £12,000 is payable. If you are buying a property above £500,000 stamp duty is charged at a rate of 4% on the total purchase price of the property, if the purchase price is £550,000 then Stamp Duty will be £22,000. That’s a considerable amount of money on which you could make a considerable saving.”
The site also offers a history of stamp duty for first time buyers and other interested parties to get to grips with the topic and understand how it will affect them.
About Stamp Duty Calculator
Stamp Duty Calculator is a UK based website providing a calculation service for Stamp Duty on high value homes in the United Kingdom, together with a mitigation service designed to legally remove stamp duty on properties over £250,000. For more information please visit: http://www.stampdutycalculator.org
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