Stamp duty exemptions
Discussion
I have a friend who owns a couple of houses in the Irish Republic and rents them out. She is resident (lodges) and works in the UK and is now considering buying a property here. Are there any exemptions to her having to pay the extra 3% stamp duty? She has lived here approx. 5 years and the new property will be her primary residence. Selling the properties in Ireland will leave her with a large negative equity. Any advice I could pass on to her would be appreciated.
Thanks.
Thanks.
susanq said:
I have a friend who owns a couple of houses in the Irish Republic and rents them out. She is resident (lodges) and works in the UK and is now considering buying a property here. Are there any exemptions to her having to pay the extra 3% stamp duty? She has lived here approx. 5 years and the new property will be her primary residence. Selling the properties in Ireland will leave her with a large negative equity. Any advice I could pass on to her would be appreciated.
Thanks.
"Overseas PropertyThanks.
If someone owns property abroad, and wishes to purchase an additional property in England, Wales or Northern Ireland, they will now be liable for the higher SDLT rate.
However, if they already own a main residence in the UK in addition to their home abroad, it will still be possible to move house without being liable for the 3% SDLT surcharge. This is on condition that the original UK main residence is sold within 3 years of purchasing the new home in the UK."
https://www.stampdutycalculator.org.uk/stamp-duty-...
Sarnie said:
"Overseas Property
If someone owns property abroad, and wishes to purchase an additional property in England, Wales or Northern Ireland, they will now be liable for the higher SDLT rate.
However, if they already own a main residence in the UK in addition to their home abroad, it will still be possible to move house without being liable for the 3% SDLT surcharge. This is on condition that the original UK main residence is sold within 3 years of purchasing the new home in the UK."
https://www.stampdutycalculator.org.uk/stamp-duty-...
Out of interest, how will the UK authorities know if other property is owned abroad, unless a self disclosure is made?If someone owns property abroad, and wishes to purchase an additional property in England, Wales or Northern Ireland, they will now be liable for the higher SDLT rate.
However, if they already own a main residence in the UK in addition to their home abroad, it will still be possible to move house without being liable for the 3% SDLT surcharge. This is on condition that the original UK main residence is sold within 3 years of purchasing the new home in the UK."
https://www.stampdutycalculator.org.uk/stamp-duty-...
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