Looking to purchase a new home in Ghana? One important factor to consider is stamp duty. Stamp duty is a lump sum tax payment that must be made when buying a property or piece of land over a certain price threshold.
The amount of stamp duty you pay depends on the value and type of property you are purchasing.
For residential properties, the current threshold is £250,000. First-time buyers purchasing a residential property worth £625,000 or less have a threshold of £425,000. For non-residential land and properties, the threshold is £150,000.
It is the home buyers who are responsible for paying stamp duty, not the seller. The tax must be paid through a solicitor within 14 days of buying the property, or penalties and interest may apply. If the property is above the specified thresholds, stamp duty must be paid.
First-time buyers may qualify for exemptions or discounts on stamp duty. For example, no stamp duty is due for first-time buyers if the property is worth £425,000 or less. Different rates of stamp duty apply to non-first-time buyers based on the value of the property.
To calculate how much stamp duty you will need to pay on a property, you can use online calculators available on websites like www.moneyhelper.org.uk and www.stampdutycalculator.org.uk.
It is essential to factor in stamp duty costs when budgeting for a new home purchase in Ghana.
