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  • FIRST POST
    • paraman
    • By paraman 12th Sep 17, 10:18 PM
    • 29Posts
    • 3Thanks
    paraman
    Stamp duty
    • #1
    • 12th Sep 17, 10:18 PM
    Stamp duty 12th Sep 17 at 10:18 PM
    I purchased a house in 2005 as my main residence and I moved out of the property in 2011 and I rented the property out. My tenant left recently and I plan to put the house up for sale shortly.

    I purchased another house in 2012 as my main residence and I am looking to part exchange the house for a new build as my main residence. The salesman at the new build development site has told me I will have to pay the investors stamp duty on the house I may be buying as I already own another house which I rented out.

    Will I have to pay the extra money in regards to second home stamp duty tax?
Page 1
    • ThePants999
    • By ThePants999 12th Sep 17, 10:22 PM
    • 866 Posts
    • 1,014 Thanks
    ThePants999
    • #2
    • 12th Sep 17, 10:22 PM
    • #2
    • 12th Sep 17, 10:22 PM
    No. As long as you complete on the sale and purchase on the same day (and why wouldn't you with a part-ex), you won't have to pay the 3% surcharge if replacing your main residence.

    https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property#if-you-replace-your-main-home for the simple version, https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/570876/SDLT_Higher_rates_for_additional_properties.pdf for the full details.
    • saajan_12
    • By saajan_12 12th Sep 17, 10:24 PM
    • 969 Posts
    • 657 Thanks
    saajan_12
    • #3
    • 12th Sep 17, 10:24 PM
    • #3
    • 12th Sep 17, 10:24 PM
    I purchased a house in 2005 as my main residence and I moved out of the property in 2011 and I rented the property out. My tenant left recently and I plan to put the house up for sale shortly.

    I purchased another house in 2012 as my main residence and I am looking to part exchange the house for a new build as my main residence. The salesman at the new build development site has told me I will have to pay the investors stamp duty on the house I may be buying as I already own another house which I rented out.

    Will I have to pay the extra money in regards to second home stamp duty tax?
    Originally posted by paraman
    So you're selling your main residence and purchasing a new main residence on the same day? Then higher rate stamp duty is NOT due.
    • Slithery
    • By Slithery 12th Sep 17, 10:25 PM
    • 289 Posts
    • 370 Thanks
    Slithery
    • #4
    • 12th Sep 17, 10:25 PM
    • #4
    • 12th Sep 17, 10:25 PM
    No, not if your selling your main residence to purchase a new one.
    • paraman
    • By paraman 12th Sep 17, 11:02 PM
    • 29 Posts
    • 3 Thanks
    paraman
    • #5
    • 12th Sep 17, 11:02 PM
    • #5
    • 12th Sep 17, 11:02 PM
    So you're selling your main residence and purchasing a new main residence on the same day? Then higher rate stamp duty is NOT due.
    Originally posted by saajan_12
    Yes I will selling and buying on the same day
    • 00ec25
    • By 00ec25 12th Sep 17, 11:04 PM
    • 5,384 Posts
    • 4,734 Thanks
    00ec25
    • #6
    • 12th Sep 17, 11:04 PM
    • #6
    • 12th Sep 17, 11:04 PM
    No, not if your selling your main residence on or before to purchase a new one.on or after the date the sale of the old one completes
    Originally posted by Slithery
    the timing matters, it is not as simple as merely selling a main residence.
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