Stamp duty question - Main residence for landlord
Discussion
Bcox91 said:
Thanks all, I know the extra tax is aimed at those investing in a 'buy to let' or a 'second home' in theory I'm doing neither, as my 'home' is currently my parents house!
I don't think I fall into the category of paying higher rate SDLT in theory, but as I do presently own other UK property (but to lets) it may apply. I'll have to see what happens in Marchs budget!
Good old George Osborne!
You own more than one property already. You WILL pay the extra 3% on any further properties you buy.I don't think I fall into the category of paying higher rate SDLT in theory, but as I do presently own other UK property (but to lets) it may apply. I'll have to see what happens in Marchs budget!
Good old George Osborne!
If one of the new properties you own eventually becomes your main residence, you will be able to reclaim any additional SDLT you have had to pay PROVIDED it becomes your main residence within 18 months of the date of purchase.
Eric Mc said:
Bcox91 said:
Thanks all, I know the extra tax is aimed at those investing in a 'buy to let' or a 'second home' in theory I'm doing neither, as my 'home' is currently my parents house!
I don't think I fall into the category of paying higher rate SDLT in theory, but as I do presently own other UK property (but to lets) it may apply. I'll have to see what happens in Marchs budget!
Good old George Osborne!
You own more than one property already. You WILL pay the extra 3% on any further properties you buy.I don't think I fall into the category of paying higher rate SDLT in theory, but as I do presently own other UK property (but to lets) it may apply. I'll have to see what happens in Marchs budget!
Good old George Osborne!
If one of the new properties you own eventually becomes your main residence, you will be able to reclaim any additional SDLT you have had to pay PROVIDED it becomes your main residence within 18 months of the date of purchase.
This rule seems to be misunderstood and I suspect some people are paying the extra 3% needlessly.
If you own 100 BTLs but *replace* your main residence the the additional tax does not apply.
If the OP could have justified the property as his main residence in 2016, then sold it, he wouldn’t have been liable for the extra tax.
If you own 100 BTLs but *replace* your main residence the the additional tax does not apply.
If the OP could have justified the property as his main residence in 2016, then sold it, he wouldn’t have been liable for the extra tax.
If you and your wife both own btls separately, and both live in a house as your marital main residence which was bought in your name only, and you both decide to sell it and move to another house which becomes your marital main residence but bought this time in your wife's name only, is the enhanced stamp duty payable?
Groat said:
If you and your wife both own btls separately, and both live in a house as your marital main residence which was bought in your name only, and you both decide to sell it and move to another house which becomes your marital main residence but bought this time in your wife's name only, is the enhanced stamp duty payable?
My interpretation is yes, because your wife will own more property than she did before the purchase........but I'm not the expert!Sarnie said:
Groat said:
If you and your wife both own btls separately, and both live in a house as your marital main residence which was bought in your name only, and you both decide to sell it and move to another house which becomes your marital main residence but bought this time in your wife's name only, is the enhanced stamp duty payable?
My interpretation is yes, because your wife will own more property than she did before the purchase........but I'm not the expert!It is the replacement of a residential property, not the purchase of a property in addition to your residential property and therefore exempt from the higher rate.
I hope you are all having a great Christmas!
TeamBigfoot said:
If i own a current residential property (where i live) and I buy another property to move my family in to with the aim of letting out my current property, will I have to pay the additional stamp duty charge?
At present I only have the one property.
Yes you will need to pay the additional. The only exception is if you are replacing your main residence I.e selling the original one)At present I only have the one property.
dmahon said:
TeamBigfoot said:
If i own a current residential property (where i live) and I buy another property to move my family in to with the aim of letting out my current property, will I have to pay the additional stamp duty charge?
At present I only have the one property.
Yes you will need to pay the additional. The only exception is if you are replacing your main residence I.e selling the original one)At present I only have the one property.
dmahon said:
TeamBigfoot said:
If i own a current residential property (where i live) and I buy another property to move my family in to with the aim of letting out my current property, will I have to pay the additional stamp duty charge?
At present I only have the one property.
Yes you will need to pay the additional. The only exception is if you are replacing your main residence I.e selling the original one)At present I only have the one property.
You solicitors can deal with this for you.
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