With the recent changes in stamp duty on second homes, it's important to know what the changes mean for you. This guide provides an overview of the changes and how they might affect you. To get more info about double stamp duty click on https://slklawyers.com.au/.
What is double stamp duty?
Double stamp duty is a tax that applies to transactions where two stamps are required, such as when buying or selling property. The tax is applied at the rate of 2% of the total value of the transaction.
The double stamp duty was first introduced in 1988 as a means of raising money for the government. At present, it is one of four main taxes collected by HMRC.
If you are purchasing property with someone else, each of you will need to pay your own share of the double stamp duty. If you are purchasing property on your own behalf, you will only need to pay the standard stamp duty rate.
There are some exceptions to this rule: if you are buying a home with your spouse or civil partner, or if you are buying a home together with one or more children who are over 18 years old and who have their own income and assets, then you will not have to pay any stamp duty at all.
If there is any doubt about whether something constitutes a purchase subject to the double stamp duty, contact HMRC for clarification.