{"id":240,"date":"2021-12-06T14:01:46","date_gmt":"2021-12-06T14:01:46","guid":{"rendered":"https:\/\/www.affalo.co.uk\/blog-api\/?p=240"},"modified":"2022-08-22T11:11:01","modified_gmt":"2022-08-22T11:11:01","slug":"explaining-stamp-duty","status":"publish","type":"post","link":"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/explaining-stamp-duty\/","title":{"rendered":"Explaining Stamp Duty"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">What&#039;s Included?<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/explaining-stamp-duty\/#What_is_Stamp_Duty\" >What is Stamp Duty?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/explaining-stamp-duty\/#When_Was_it_Introduced\" >When Was it Introduced?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/explaining-stamp-duty\/#Stamp_Duty_in_the_Modern_Day\" >Stamp Duty in the Modern Day<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/explaining-stamp-duty\/#Stamp_Duty_Land_Tax\" >Stamp Duty Land Tax<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/explaining-stamp-duty\/#Duty_Reserve_Tax\" >Duty Reserve Tax<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/explaining-stamp-duty\/#What_are_the_Current_Rates\" >What are the Current Rates?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.check.co.uk\/blog\/first-time-buyer\/explaining-stamp-duty\/#Credit-Score_offers_two_fabulous_solutions\" >Credit-Score offers two fabulous solutions.<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Stamp_Duty\"><\/span>What is Stamp Duty?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Stamp Duty is a form of taxation that you pay if you buy a property or a piece of land that is over a certain price. The current threshold\u00a0 is anything above \u00a3125,000 when buying a property. However, new rules have been introduced by the government which make it different for first time buyers. If the property you buy is below \u00a3500,000 and you or whoever you\u2019re buying the property with are both first time buyers, then you will either pay less or no stamp duty on that property.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"When_Was_it_Introduced\"><\/span>When Was it Introduced?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Stamp duty was introduced in 1694 under <a href=\"https:\/\/en.wikipedia.org\/wiki\/William_III_of_England\">King William III<\/a> and <a href=\"https:\/\/en.wikipedia.org\/wiki\/Mary_II_of_England\">Queen Mary II<\/a>. It was brought in as a tax on parchment, vellum, and paper in order to fund war against France. In its first financial year it raised \u00a391,206 equivalent to \u00a321,727,185 in today\u2019s money which made it a huge success.<\/p>\n<p>In the 1700s and 1800s it was widened to include paper, hats, insurance, playing cards, medicines and more. It was this that led to the American revolutions and the famous \u201cNo taxation without representation\u201d phrase.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Stamp_Duty_in_the_Modern_Day\"><\/span>Stamp Duty in the Modern Day<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Most of the good that came under stamp duty have been reversed so it now covers a smaller scope. Most of it was abolished in late 2003 and replaced in two new taxes. These are known as the Stamp Duty Land Tax and Stamp Duty Reserve Tax.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Stamp_Duty_Land_Tax\"><\/span>Stamp Duty Land Tax<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This is what we commonly know as stamp duty which we explained earlier in the blog post. However, for this a tax return needs to be given to HM Revenue and Customs. The only other change is that you no longer require a physical stamp to be placed on documents.<\/p>\n<p>According to the HMRC website this is to be paid within 14 days of the transaction. However, many mortgage lenders will require that it be paid upon completion of the transaction. The transaction\u00a0 is usually done by the solicitor or conveyancer directly to HMRC.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Duty_Reserve_Tax\"><\/span>Duty Reserve Tax<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This was introduced in 1986 to ensure that a tax equivalent would be payable on the transfer of uncertified shares. This means that instead of a stamp tax it makes it a self-assessed transfer tax. This would be collected automatically by brokers when a transaction takes place. Since 2008 this tax is not payable to any repurchases of shares valued below \u00a31000.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_are_the_Current_Rates\"><\/span>What are the Current Rates?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The rates vary on how much the land or property you have bough is worth. As we stated earlier anything below \u00a3125,000 has a 0% rate . Anything between \u00a3125,001 to \u00a3250,000 has a rate of 2%. The most common bracket is \u00a3250,001 to \u00a3925,000 is set at a rate of 5%. Any property valued between \u00a3925,000 to \u00a31,500,000 is 10% and finally anything over \u00a31,500,000 is 12%<\/p>\n<h3 style=\"font-weight: 400;\"><span class=\"ez-toc-section\" id=\"Credit-Score_offers_two_fabulous_solutions\"><\/span>Credit-Score offers two fabulous solutions.<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"font-weight: 400;\">If you\u2019re preparing to take a mortgage, never apply until you\u2019ve tried our unique and\u00a0<a href=\"https:\/\/home.credit-score.com\/\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/home.credit-score.com\/&amp;source=gmail&amp;ust=1661250281502000&amp;usg=AOvVaw3DLzdwOokWdYYiAWepaOZb\">FREE Credit-Score Home app.<\/a>\u00a0Our smart technology will tell you what you need to fix so you avoid rejection. The app predicts when you will be able to buy, for how much and tracks your month-by-month progress to mortgage success. We\u2019ve even added your own mortgage broker, so you get the best deals available.<\/p>\n<p style=\"font-weight: 400;\">More focused on your credit rating? Well, get started for free with\u00a0<a href=\"https:\/\/www.check.co.uk\/register\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.check.co.uk\/register&amp;source=gmail&amp;ust=1661250281502000&amp;usg=AOvVaw1y4bwW3ZreyR4AVsqelp8F\">Credit-Score\u2019s 24- Factor Credit Check<\/a>\u00a0to truly help you improve your creditworthiness and how lenders view you. (Remember: lenders don\u2019t use your credit score! We\u2019ll show you what lenders look for and how to get your credit report in the best shape possible).<\/p>\n\n\nhttps:\/\/www.affalo.co.uk\/blog-api\/wp-content\/uploads\/2021\/11\/Tax-bro.png\n","protected":false},"excerpt":{"rendered":"Stamp duty is something that most of us will have to pay at some point in our lives. But where did it originate from? What is included in the current scope of stamp duty and what are the current tax brackets for stamp duty? This is what we discuss in our latest blog post. \n","protected":false},"author":23,"featured_media":5210,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[514],"tags":[506,733,734,641,648,649,650,652],"class_list":{"0":"post-240","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-first-time-buyer","8":"tag-buying-a-home","9":"tag-buying-a-new-home","10":"tag-first-time-buyers","11":"tag-how-does-stamp-duty-work-differently-in-scotland","12":"tag-stamp-duty","13":"tag-stamp-duty-land-tax","14":"tag-stamp-duty-shared-ownership","15":"tag-why-do-i-have-to-pay-stamp-duty"},"acf":[],"featured_image_src":"https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2022\/03\/ray-harrington-1Alu67OWpPQ-unsplash.jpg","author_info":{"display_name":"Oliver Macmillan","author_link":"https:\/\/www.check.co.uk\/blog\/author\/oliver-rose\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Explaining Stamp Duty | Check.co.uk - See the problems your credit score hides<\/title>\n<meta name=\"description\" content=\"Stamp Duty is something most of us will have to pay in our lives. 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