SDLT (Stamp Duty) - am I right?
Discussion
Hi all
Just checking my understanding of the Stamp Duty liabilities for a hopefully forthcoming scenario.
Rang the HMRC Stamp Duty Helpline but the call handler seemed not to know & just sent a link to the website.
(Think this is the irrelevant bit but you never know...) We have a property in my wife's name that until recently had an elderly relative living in. The sale of this is underway and funds will be put in the pot towards our new place.
Our plan is to retain our current flat (which is in my name, mortgaged) and rent that out whilst buying a house locally.
This is likely to be below the £250k threshold.
But am I right that as we're keeping our current place to rent out, that this purchase of our new place will be counted as a second home and be subject to the 3% additional stamp duty?
Obviously this is going to impact on how much we have in the pot to offer on the new place so just trying to get as many rough figures in the sacred spreadsheet as possible!
Cheers
Just checking my understanding of the Stamp Duty liabilities for a hopefully forthcoming scenario.
Rang the HMRC Stamp Duty Helpline but the call handler seemed not to know & just sent a link to the website.
(Think this is the irrelevant bit but you never know...) We have a property in my wife's name that until recently had an elderly relative living in. The sale of this is underway and funds will be put in the pot towards our new place.
Our plan is to retain our current flat (which is in my name, mortgaged) and rent that out whilst buying a house locally.
This is likely to be below the £250k threshold.
But am I right that as we're keeping our current place to rent out, that this purchase of our new place will be counted as a second home and be subject to the 3% additional stamp duty?
Obviously this is going to impact on how much we have in the pot to offer on the new place so just trying to get as many rough figures in the sacred spreadsheet as possible!
Cheers
Pot Bellied Fool said:
Hi all
Just checking my understanding of the Stamp Duty liabilities for a hopefully forthcoming scenario.
Rang the HMRC Stamp Duty Helpline but the call handler seemed not to know & just sent a link to the website.
(Think this is the irrelevant bit but you never know...) We have a property in my wife's name that until recently had an elderly relative living in. The sale of this is underway and funds will be put in the pot towards our new place.
Our plan is to retain our current flat (which is in my name, mortgaged) and rent that out whilst buying a house locally.
This is likely to be below the £250k threshold.
But am I right that as we're keeping our current place to rent out, that this purchase of our new place will be counted as a second home and be subject to the 3% additional stamp duty?
Obviously this is going to impact on how much we have in the pot to offer on the new place so just trying to get as many rough figures in the sacred spreadsheet as possible!
Cheers
Yep, second home.Just checking my understanding of the Stamp Duty liabilities for a hopefully forthcoming scenario.
Rang the HMRC Stamp Duty Helpline but the call handler seemed not to know & just sent a link to the website.
(Think this is the irrelevant bit but you never know...) We have a property in my wife's name that until recently had an elderly relative living in. The sale of this is underway and funds will be put in the pot towards our new place.
Our plan is to retain our current flat (which is in my name, mortgaged) and rent that out whilst buying a house locally.
This is likely to be below the £250k threshold.
But am I right that as we're keeping our current place to rent out, that this purchase of our new place will be counted as a second home and be subject to the 3% additional stamp duty?
Obviously this is going to impact on how much we have in the pot to offer on the new place so just trying to get as many rough figures in the sacred spreadsheet as possible!
Cheers
GreatGranny said:
Profile says Merseyside.
It is indeed. On the outskirts of the Great Metropolis...And yes, CGT is another factor we're aware of - that's for my accountant to sort out but we've calculated on a worst case basis for that, if he can find any extra allowances etc then that's a bonus.
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