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Stamp Duty Calculator and Q&A discussion
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oldbikebloke said:Lover_of_Lycra said:
https://www.gov.uk/hmrc-internal-manuals/stamp-duty-land-tax-manual/sdltm09530
It is not dealing with the Op's context of a property purchase by living person(s)0 -
jessthecat_2 said:I currently own one BTL flat, which is up for sale.
I'm "between" main residences.
If I now buy a main residence before selling the BTL, do I pay 0% (as it isn't a second home) or 3% (as it's a second property)?2 -
jessthecat_2 said:Lover_of_Lycra said:jessthecat_2 said:I currently own one BTL flat, which is up for sale.
I'm "between" main residences.
If I now buy a main residence before selling the BTL, do I pay 0% (as it isn't a second home) or 3% (as it's a second property)?2 -
Please help. I am purchasing an additional property and when using the sdlt calculator on .gov it does not dis regard the 1st £40,000 as stated on the mse website. Any ideas?0
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RBlack said:Please help. I am purchasing an additional property and when using the sdlt calculator on .gov it does not dis regard the 1st £40,000 as stated on the mse website. Any ideas?0
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RBlack said:Please help. I am purchasing an additional property and when using the sdlt calculator on .gov it does not dis regard the 1st £40,000 as stated on the mse website. Any ideas?
if it is, then you have misunderstood the rules, there is no "disregard". It is not a tax free allowance, it is a threshold to determine if higher rate applies. If it applies, it applies to the whole consideration paid
https://www.gov.uk/hmrc-internal-manuals/stamp-duty-land-tax-manual/sdltm09770
if the property is <40K then you have used the calculator incorrectly as there would be no additional rate in the first place
can you post a link to where you read on MSE about a disregard, because if that is what it says, it is wrong and they need to told to correct it to be accurate. As far as I can see it is more likely you have misread the MSE info as it clearly states the rules:
https://www.moneysavingexpert.com/mortgages/stamp-duty/Yes, however you will still have to pay some stamp duty. This is how it works in:
- England and Northern Ireland. If you're buying an additional property you will also benefit from the changes to stamp duty, however not to the same extent as those buying a main residential property.
Here you'll pay 3% on top of the standard rate on total price for all properties over £40,000. For example, for those buying an additional property in England or Northern Ireland, you will now pay 3% on anything up to £500,000 (properties under £40,000 are exempt), and 8% on the portion above that up to £925,000.
Previously the rate was 3% on anything up to £125,000, 5% on anything between £125,001 and £250,000, and 8% on anything between £250,001 and £925,000. - Wales and Scotland. The rates and bands for additional property buyers have not changed in Wales and Scotland. In Wales, you normally pay an extra 3% on any tax band your property falls under, and in Scotland it's an extra 4%. You can see what tax you'll pay for an additional property in these countries using the tables below.
0 - England and Northern Ireland. If you're buying an additional property you will also benefit from the changes to stamp duty, however not to the same extent as those buying a main residential property.
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HelloI hope you could help.
I own my flat for over 10 years. We have lived there with my partner and later with son
We had to move closer to better schools and we rented my flat. We moved out less then 3 years agoWe are renting and not owning second property. We started looking at houses, but I am not sure how much we would pay stamp duty while I still own my flat ?We would like to sell it, but we can’t find the buyer. My partner is first time buyer but we would like to buy our main residence together for 650k
Could we avoid the extra 3% stamp duty charge as we moved out less then 3 years ago from the flat and flat was always our main residence until issue with schooling arrived...
Please help - is there any chance we could avoid extra 3% stamp duty surcharge?Thank you so much for advice0 -
dav2016 said:HelloI hope you could help.
I own my flat for over 10 years. We have lived there with my partner and later with son
We had to move closer to better schools and we rented my flat. We moved out less then 3 years agoWe are renting and not owning second property. We started looking at houses, but I am not sure how much we would pay stamp duty while I still own my flat ?We would like to sell it, but we can’t find the buyer. My partner is first time buyer but we would like to buy our main residence together for 650k
Could we avoid the extra 3% stamp duty charge as we moved out less then 3 years ago from the flat and flat was always our main residence until issue with schooling arrived...
Please help - is there any chance we could avoid extra 3% stamp duty surcharge?Thank you so much for advice
If you can sell the flat within 3 years after your purchase, you should be able to recover the 3% extra. But that only applies if you buy the new place within 3 years of moving out of the flat.
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Thank you - that extremely helpful.Just to confirm and clarify - the extra stamp duty tax is refundable only if we buy property within 3 years after our moving out from the flat ?Why not from the time we buy our new property together ?Could my partner buy new house alone ? Would he has to pay for extra 3 proc if we moved in together but he will be sole owner and first time buyer .. thank you0
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dav2016 said:Thank you - that extremely helpful.Just to confirm and clarify - the extra stamp duty tax is refundable only if we buy property within 3 years after our moving out from the flat ? Yes, that is one of the conditions, you must buy the new house within three years of moving out of the flat..Why not from the time we buy our new property together ? I do not see the distinction you are making here.Could my partner buy new house alone ? Would he has to pay for extra 3 proc if we moved in together but he will be sole owner and first time buyer .. thank you
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