stamp duty

judge


Joined: 28/04/2007
Posts: 13

Message Posted:
18/01/2008 15:24

my understanding of paying stamp duty is from paying your deposit you have first three months at a half percent. up to six months the rate increases to 1%. then increases to 1 and a half percent. unfortunately for me the clown ,sorry solicitor that i employed did not inform me of this earlier oppotunity , regards t.b.v owner.

McSteviet



Joined: 11/05/2007
Posts: 1089

Message Posted:
18/01/2008 16:00

Judge,



I think ou are right on all counts.



Steve

RTgirl



Joined: 13/03/2007
Posts: 73

Message Posted:
18/01/2008 16:49

Anybody know where we have to go to pay the stamp duty and what documents we need to take??



Thanks

orangekazzie



Joined: 31/07/2007
Posts: 1091

Message Posted:
18/01/2008 18:16

Stamp duty has to be paid at the Land Registry office in Girne which is next door to the main post office, opposite the telephone company.

Karen

orangekazzie



Joined: 31/07/2007
Posts: 1091

Message Posted:
18/01/2008 18:21

Judge

Sorry I'm confused. You can't pay the stamp duty and land registry fees until the property is completed and the Tapu have been out to survey and check to make sure the plans coincide with the property built. You get one month after that visit to pay the money, if you don't pay within that time then a penalty payment is charged. I don't think there is any penalty charged for tax on the land though.

Who has told you that you have to pay the stamp duty within three months of paying the deposit?

Karen

the butler


Joined: 22/06/2007
Posts: 1958

Message Posted:
18/01/2008 18:30

Hi Karen,



We have owned our bungalow on a complex for nearly 2 years now, we didn't buy off plan, when we bought the property was new and we paid in full for it. All the owners are still waiting for parcellisation to be carried out, is this the same as the Tapu coming to check? I would appreciate your help with this.



Avril

Bryn-Carrington


Joined: 27/08/2007
Posts: 17

Message Posted:
18/01/2008 18:37

Under the new regulations that came into force last week all contracts now have to be registered at the land registry within 21 days on the contract being signed.



Stamp duty is 0.5% of the contract and has to be paid in 30 days. After 30 days it becomes 1%, after 3 months it becomes 1.5%. This has always been the case but never enforced until now.



Karen, don't get the VAT & transfer tax confused with the stamp duty. The whole idea behind the new regulations is that VAT (5%) is paid on the sale price on the contract that is stamped. There will no longer be any site visits to assess the worth of the property to what rate you will pay.



Hope this helps

cheers

Bryn

paul90


Joined: 07/11/2007
Posts: 350

Message Posted:
18/01/2008 18:41

New regulations in 2007 state that the Tax Office need to see a copy of the contract of sale prior to the transfer of title - with all stamp duty paid.

Stamp duty is payable at 0.5% of the contract price if paid within one month of the contract signing date. If not then it increases until it becomes 1.5% if paid after 6 months.

You have the option to pay upfront or pay on transfer of title at the higher rate.

(there was a rumour that stamp duty might be abolished).

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
18/01/2008 21:09

Basically,as valuations were a good bit lower than contract price,we can just call this another way to get more money out of us .Also dont need to take into account the fall in property values now in any valuation,so the tax people are quids in.

orangekazzie



Joined: 31/07/2007
Posts: 1091

Message Posted:
18/01/2008 21:13

Ok, sorry I didn't realise they had changed the system.



Hi The Butler, yes the Tapu would be the same as our local surveyor in the UK. They come out to measure the land to make sure its parcelled off correctly, given a title number so you can then apply for your kocan.



Karen