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Use calculator with caution

09 April 2018

HMRC’s stamp duty online calculator could have got its sums wrong to the tune of £2bn.

The tool fails to factor in discounts worth thousands of pounds, such as a ‘granny annexe’ or if there is farmland or a commercial building attached.

Advice company, Cornerstone Tax, said one in six transactions were being calculated wrongly.

HMRC has disputed these figures and said the calculator should only be used as a guide and not final figure.

The calculator dose not take into account mixed-use properties on which just 5% of stamp duty is payable, compared to the 12% owed on homes worth more than £1.5m.

Stamp duty brought in £13bn to the Treasury coffers last year, that’s 95% up on five years ago.

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