Second home stamp duty and foreign property impact
Discussion
Has anyone any experience of this?
It seems that if you were to sell one UK home and move to another, so long as it is your "main home", you escape paying the 3% inflated SDLT.
However, foreign property does count towards the consideration and if there was a gap in UK home ownership, would your "main home" be applied to a foreign property and thus you would be liable for the second home stamp duty when you then purchased again in the UK? Essentially not doing a simultaneous sale/purchase on the UK home therefore exposing you to additional SDLT as your foreign property then qualifies as a "main residence" by virtue that you do not own elsewhere.
It seems that if you were to sell one UK home and move to another, so long as it is your "main home", you escape paying the 3% inflated SDLT.
However, foreign property does count towards the consideration and if there was a gap in UK home ownership, would your "main home" be applied to a foreign property and thus you would be liable for the second home stamp duty when you then purchased again in the UK? Essentially not doing a simultaneous sale/purchase on the UK home therefore exposing you to additional SDLT as your foreign property then qualifies as a "main residence" by virtue that you do not own elsewhere.
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