MSE News: Autumn Statement 2015: Stamp duty hike on buy-to-let and second homes

alchemist.1

booksurr wrote: »

and your source is? speculation or attribution?

Paul Lewis from Moneybox.

Thrugelmir

alchemist.1 wrote: »

There is a suggestion that you will have 18 months to reclaim the extra stamp duty paid if you sell your first home.

It will apply to all second homes purchased whatever the reason they are purchased for.

Seems logical. Particular where someone buys before selling.

Of course in the interim. The treasury has the benefit of the money.

silvercar

alchemist.1 wrote: »

There is a suggestion that you will have 18 months to reclaim the extra stamp duty paid if you sell your first home.

It will apply to all second homes purchased whatever the reason they are purchased for.

So say you have a main home that you wish to sell and buy bigger, but also have an old flat owned from when one of the couple were single and now rented out, would you be clobbered for the extra 3%?

alchemist.1

silvercar wrote: »

So say you have a main home that you wish to sell and buy bigger, but also have an old flat owned from when one of the couple were single and now rented out, would you be clobbered for the extra 3%?

No you wouldn't but i don't think you get the eighteen month grace period to reclaim the additional SDT or yet to be agreed upon (if you don't sell your "old" main residence at the same time as buying "new" main residence house) .

Apologies, I've probably confused matters by referring to "first" and "second" homes when in reality should be main residence and additional property.

My info is based on this: http://paullewismoney.blogspot.co.uk/2015/11/stamping-on-additional-homes.html

If you sell the the flat to buy another you will be clobbered with the additional 3%.

Azure11

booksurr wrote: »

so as I suspected you are guilty of tax evasion

property developing is classed as a trading activity subject to income tax not CGT

best that your side line ceases or you start taking professional advice before HMRC catches you out

Seriously what is your problem? You have no idea about anything I have done or my circumstances and no I have NEVER evaded tax.

bigfreddiel

alchemist.1 wrote: »

No you wouldn't but i don't think you get the eighteen month grace period to reclaim the additional SDT or yet to be agreed upon (if you don't sell your "old" main residence at the same time as buying "new" main residence house) .

Apologies, I've probably confused matters by referring to "first" and "second" homes when in reality should be main residence and additional property.

My info is based on this: http://paullewismoney.blogspot.co.uk/2015/11/stamping-on-additional-homes.html

If you sell the the flat to buy another you will be clobbered with the additional 3%.

Just read Paul Lewis blog, and this whole second home is a complete mess, I think there will be loads of loopholes emerging, for those with a creative accounting procedure

Cheers fj

Thrugelmir

bigfreddiel wrote: »

Just read Paul Lewis blog, and this whole second home is a complete mess, I think there will be loads of loopholes emerging, for those with a creative accounting procedure

Like any new tax change. The loopholes will get plugged over time.

gadgetmind

Thrugelmir wrote: »

The loopholes will get plugged over time.

Or as is more often the case, they will be explored, exploited, enlarged, and ships sailed through them.

dinkylink

alchemist.1 wrote: »

No you wouldn't but i don't think you get the eighteen month grace period to reclaim the additional SDT or yet to be agreed upon (if you don't sell your "old" main residence at the same time as buying "new" main residence house) .

Apologies, I've probably confused matters by referring to "first" and "second" homes when in reality should be main residence and additional property.

My info is based on this: http://paullewismoney.blogspot.co.uk/2015/11/stamping-on-additional-homes.html

If you sell the the flat to buy another you will be clobbered with the additional 3%.

Yes, thanks. If Paul is correct at least landlords won't get penalised for moving home, which is sensible.

booksurr

Azure11 wrote: »

Seriously what is your problem? You have no idea about anything I have done or my circumstances and no I have NEVER evaded tax.

my "problem" is that other people reading this thread will be misled by your use of certain words.

if you were actually "developing" then you cannot be subject to the CGT limit as you state

if you were in fact merely owning and living in one house at a time, "doing it up", selling and then repeating it is possible you were entitled to private residence relief and therefore exempt CGT, in which case mention of the CGT threshold is irrelevant

Azure11 wrote: »

Yes any profit I make over the CGT threshold is indeed declared thank you for your concern :-)

however if you lived in one place whilst doing up a second place and believe you have the CGT threshold to play with you are wrong as that is property developing and is subject to income tax not CGT