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ilovecyprus
Joined: 08/05/2007
Posts: 2880
Message Posted:
24/08/2008 18:32 | | Join or Login to Reply | Message 1 of 13 in Discussion |
| Good news, my neighbour has received his PTP after only 18 months.
Bad news is that he is being asked to pay more for his deeds than he expected.
He is being asked to pay £1500 to transfer the deed to his name from the present owner. I have never seen this tax before.
When was this tax introduced? |
graham
Joined: 20/10/2007
Posts: 397
Message Posted:
24/08/2008 18:41 | | Join or Login to Reply | Message 2 of 13 in Discussion |
| Is this a tax or what the lawyer is asking to transfer.
Graham |
ilovecyprus
Joined: 08/05/2007
Posts: 2880
Message Posted:
24/08/2008 18:43 | | Join or Login to Reply | Message 3 of 13 in Discussion |
| The solicitor is asking for it but it is clearly shown as a tax and descibed as 'transfer tax' on the breakdown of costs |
ilovecyprus
Joined: 08/05/2007
Posts: 2880
Message Posted:
24/08/2008 18:46 | | Join or Login to Reply | Message 4 of 13 in Discussion |
| Hi Graham
His invoice states that this tax is charged at 3% |
graham
Joined: 20/10/2007
Posts: 397
Message Posted:
24/08/2008 18:51 | | Join or Login to Reply | Message 5 of 13 in Discussion |
| Looking at my paper work the only thing at 3% is purchase tax.
Graham |
graham
Joined: 20/10/2007
Posts: 397
Message Posted:
24/08/2008 18:54 | | Join or Login to Reply | Message 6 of 13 in Discussion |
| Reread first post this is not new build but resale therefore purchase tax might not apply.
Graham |
Notsoboredhw
Joined: 15/03/2007
Posts: 1254
Message Posted:
24/08/2008 18:58 | | Join or Login to Reply | Message 7 of 13 in Discussion |
| We will have to pay 3% purchase tax and we have a new build. Unfortunately spent it though just hope our PTP doesnt come through too quickly now! |
ilovecyprus
Joined: 08/05/2007
Posts: 2880
Message Posted:
24/08/2008 18:59 | | Join or Login to Reply | Message 8 of 13 in Discussion |
| He has to pay an additional 1% on this 'transfer tax' which is called 'municipality tax'.
There is nothing on his invoice about property tax, but he is being asked to pay an additional £2000. This fee is stated as a contract fee. He needs to verify what this is. |
cooper
Joined: 23/10/2007
Posts: 3386
Message Posted:
24/08/2008 20:25 | | Join or Login to Reply | Message 9 of 13 in Discussion |
| ilovecyprus the way i understand it is you have to pay a 6% transfer fee at the time transfer of title takes place. However everyone has a once in a lifetime option to pay at the reduced rate of 3% also i beleive the municipality tax is 1% of the transfer fee.
Cooper |
ilovecyprus
Joined: 08/05/2007
Posts: 2880
Message Posted:
24/08/2008 20:40 | | Join or Login to Reply | Message 11 of 13 in Discussion |
| thanks cooper. This link is very useful |
bradus
Joined: 25/02/2007
Posts: 2641
Message Posted:
24/08/2008 21:07 | | Join or Login to Reply | Message 12 of 13 in Discussion |
| Ilovecyprus,
I was aware that I needed to pay the VAT and 3% Transfer Fee but never heard of the 1% municipality tax.
Makes you wonder why this government are so slow to give ptp and do litlte to encourage the transfer of deeds?
Wouldn't they be quids in if they got this right? |
ilovecyprus
Joined: 08/05/2007
Posts: 2880
Message Posted:
24/08/2008 21:20 | | Join or Login to Reply | Message 13 of 13 in Discussion |
| Hi Bradus
The municipality tax is only 1% of the 3% transfer tax so is only quite small. £15 in this case. There is also a district land office fee of £20.
They would be quids in if they received these fee's, however I suspect the money gets wasted on beuaracracy and inefficiency. |
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