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Simple Tricks to Help You Save on Stamp Duty How big or small your property transaction is determines the amount of stamp duty you get to pay. Everyone wants to have on stamp duty considering the expensive nature. Buying a house is an already expensive without the extra stamp duty charges. The following tips will come in handy when striving to reduce stamp duty. Factor in the threshold Any house or real estate property purchase includes stamp duty payment. These duties work like a cliff edge system, which translates to a costly stamp duty fee even with an increase of a single euro cost. it, is important therefore to stay within the threshold limit.
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However, people will not sell property for lower cash than they think they deserve. The location of the property is also a major determinant. When the price of property is high so will, the stamp duty be high. Sellers may compromise and sell their property for a lower price than they are worth just to make sure that they get a lower stamp duty. However, when this option is not applicable then you need to look into other ways of reducing the stamp duty.
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Add chattels Chattels refers to the items in the house such as furniture and white goods. Some people sell more than the house when selling off their property. Combining the two transactions of property and chattels increases the potential of the stamp duty reduction because the least amount is considered when making the calculations. This may be a great way to bring down the stamp cost but still a complex one to understand. It may be necessary to hire a tax solicitor. Use the services of a trader The excitement that comes with buying a new home is one that most people cherish until things begin going against the plan. However, with the assistance of a trader, it is possible to complete the process and own the home. In addition, the trader is not required to pay any stamp duties. However, to qualify for this waiver you need to meet a number of requirements including having lived in the main house for at least two years before the trader intervenes. Your intentions should also be to own the house as your main residence and the area of the land should not be less than 0.5ha. This is an investment strategy that works. Remember the taxman is watching Beware of tax avoidance when dealing with property sell and purchase. You do not want to deal with the consequences of skipping stamp duty payment.