2nd property tax - Scotland
Discussion
Scenario is - I'm selling my flat (Not yet on the market) and looking to buy a house. I'm in a position with a deposit that I could buy a new place before selling the flat, and that might have to be the case if I want to pounce on something fast, albeit a mortgage would be a bit larger than it needed to be.
Can someone explain to me my tax liabilities if I buy/sell in the "wrong order"? I've no intention of having both places habitable as the flat would be emptied into the new house. Dunno if Scottish law makes a difference either.
Can someone explain to me my tax liabilities if I buy/sell in the "wrong order"? I've no intention of having both places habitable as the flat would be emptied into the new house. Dunno if Scottish law makes a difference either.
You pay the tax on the second place but re-claim when you sell the 1st as long as within 18 mths
https://www.revenue.scot/land-buildings-transactio...
https://www.revenue.scot/land-buildings-transactio...
Okay thanks, so I am liable for 4% of the purchase price of the new house? Claimed back is a relief of course but that's a significant up front consideration to be accounted for added to the fees and taxes I was aware of.
I'll get my finger out regarding getting the little jobs on the flat complete and on the market but if needs be I'll not miss the right house waiting for my own sale.
It would be easier if they kept you on the hook for the 4%, delayed for the 18 months. But that's way too friendly.
I'll get my finger out regarding getting the little jobs on the flat complete and on the market but if needs be I'll not miss the right house waiting for my own sale.
It would be easier if they kept you on the hook for the 4%, delayed for the 18 months. But that's way too friendly.
Gassing Station | Speed, Plod & the Law | Top of Page | What's New | My Stuff