WTK: Stamp Duty for Land

[Evoloution]

According to the Budget...yuh still have to pay the normal rate of stamp duty for land

[~Street Sleeper~]

i thought i was going to save some $$


But logically.. the concession aimed at helping people to get homes faster and more affordable.. OR.. to get those over-priced spots sold faster

[crazybalhead]

If the price of gas can be raised immediately, I do not see why stamp duty cannot be changed with immediate effect. But I have a feeling it has not changed. Best to talk to a loans officer at a bank or a lawyer before making any assumptions.

[sweeks]

Does anyone know the rate of stamp duties when purchasing land?

[TOIZ WIT NOIZ]

i think its 7%

[quiot]

Residential Property Rates
With effect 01/10/08 property valued at $850,000 is exempted from stamp duty. Property valued at $450,000 is exempted from stamp duty up to 30/09/08.

Where consideration or value is over $850,000 stamp duty is computed as follows -



More than $850,000 but not exceeding $1,250,000 3.0% on the excess
More than $1,250,000 but not exceeding $1,750,000 5.0% on the excess
More than $1,750,000 7.5% on the excess

[sweeks]

What about land? How do the rates go?

[Sully]

For every dollar of the first $200,000 in excess of $450,000 - 2%
For every dollar of the next $200,000 in excess of $650,000 - 5%
For every dollar thereafter in excess of $850,000 - 7%

http://www.ird.gov.tt/load_page.asp?ID=46

[sweeks]

Sully ... thanks man.

[SNIPER 3000]

I would like to know if that division, stamp duty is on strike and only taking 15 deeds for the day?

Want to confirm if a lawyer is giving me the round around.

Thanks much.

[pioneer]

I believe that is inland revenue division...I think they went back to work

http://finance.gov.tt/services/income-t ... /#howtopay

nervewrecker help de man out nah?

[SNIPER 3000]

Thanks,dude so they were on strike?

[pioneer]

I think so, but Duke tell dem go back.

[pioneer]

Noone can legally strike for more than 90 days.

[SNIPER 3000]

So nerve is the guy....
Await Mr. Nerve then.

[stout]

Delete

[ProtonPowder]

get a T&C status letter, then look at the valuation report you paid for

if the 'highest and best use' is different from what the t&c letter states, the valuator was negligent in his assessment and the info he presented to stamp duty

idk if it even make sense to try to get it back, just give stamp duty a call and try finding a supervisory figure to ask if they reimburse for incorrect duties charged

[The_Honourable]

Tuners i need some clarity...

I'm not sure exactly when the policy was enacted at the Ministry of Finance, but is it true that valuations are now mandatory by stamp duty?

[88sins]

Tuners i need some clarity...

I'm not sure exactly when the policy was enacted at the Ministry of Finance, but is it true that valuations are now mandatory by stamp duty?

Yes, they use it to calculate how much you pay for stamp duty.
If you don't submit a valuation, then they will send it for assessment, and that takes a few months, and you will also be at the mercy of whatever the state valuator says it's worth,.
Generally speaking, always expect the state valuator to put a higher value than private valuators.

[Cantmis]

Yes. Your lawyer should advise you as well.

[pugboy]

because a lot of fraud has been going on with that for years
i think a moses get ketch with that the other day