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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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