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A clawback arises if rent is obtained from the letting of the house or apartment within a period of 5 years from the date of the conveyance or transfer, other than under the rent-a-room scheme. The clawback amounts to the difference between the higher stamp duty rates and the duty paid and it becomes payable on the date that rent is first received from the property. A clawback will not arise where the property is sold to an unrelated third party during the 5-year period.
No, unfortunately that's not how it works.How does stamp duty clawback affect me? Would I be right in saying it doesnt if I paid no stamp duty to begin with?
Sorry to be the bearer of bad news, but it appears so.So now I owe money???!!!!
Yes it's 20% of the gain, but you only pay this after you sell.And then have to pay capital gains tax ? Is it 20%!
The flipside of a self-assessment tax system is that you need to know your own liabilities yourself. To say you never knew to the Revenue is no excuse.If I hadnt gone on this website I never would have known this - how would I have been informed? And Your saying if I dont pay ASAP I will get hit with penalties? But I may never have known that I was liable for this!
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