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| *Ostroff, Fair and Company>>>United Kingdom Taxes |
If i was to by my house and pay it of outright would i b liable to pay tax? |
the house from the council is worth 17500 What kind of tax do you mean? If you mean a sales tax, like VAT, then no - property is not VAT-liable in the UK (unlike, say, the Netherlands). Any money which you use to pay for the house will already have been taxed. You will have to pay "Stamp Duty" at a fixed rate. Any solicitor can advise you (depending where you live, you can probably also get free advice and information from the Council's "Right to Buy" or "House Sales" team) And, assuming you live the UK (this is a UK board), then previous answers concerning annual "Property Tax" are also irrelevant. Taxes are a fact of life, so yes, you would pay taxes on any remaining balance. Absolutely. yes, you are looking at appox 10-19% tax rate depending on where you live, but there are loopholes for getting out of this but you have to have "special" circumstances. yes, even though you pay it outright it is still subject to tax you have to pay property tax every year. Rent money is dead money. HOLY ****!! Thats the cheapest house I ever did see! Where do you live, Mali? |
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