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Stamp Duty and Second Homes

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Comments

  • alchemist.1
    alchemist.1 Posts: 860 Forumite
    always_sunny wrote: »
    Might be quicker to list which countries have SDLT like the UK... most countries would have property tax (fair enough) to register the purchase. Other countries would also have additional taxes like Council Tax (fair enough)... but SDLT is a tax on top of a tax!
    Does the Property Tax not amount to the same thing or are we looking at substantially lower amounts?
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    nobblyned wrote: »
    The fact remains that you can have 2,3, 4 or any number of houses, but if you are buying another house that will replace your main residence you do not pay the additional 3%.

    Not correct if your main residence is a rented house and you already own additional houses elsewhere you don't live in. Eg you own a BTL, live in rented and decide to buy a residence to live in instead of renting.

    :D
  • always_sunny
    always_sunny Posts: 8,314 Forumite
    alchemist.1 wrote: »
    Does the Property Tax not amount to the same thing or are we looking at substantially lower amounts?

    I believe it depends on the country... but many countries don't have it all.
    What does the SDLT actually covers? Then again most countries don't have the concept of leasehold, freehold, etc!

    Why pay SDTL on a leasehold flat when you then have to pay ground charges? :eek:
    EU expat working in London
  • alchemist.1
    alchemist.1 Posts: 860 Forumite
    always_sunny wrote: »
    I believe it depends on the country... but many countries don't have it all.
    What does the SDLT actually covers? Then again most countries don't have the concept of leasehold, freehold, etc!

    Why pay SDTL on a leasehold flat when you then have to pay ground charges? :eek:

    A tax to cover transfer of property/land.
    Leasehold still forms property.

    Is property tax an annual tax in the US?
  • Red_Spider
    Red_Spider Posts: 72 Forumite
    AnotherJoe wrote: »
    Not correct if your main residence is a rented house and you already own additional houses elsewhere you don't live in. Eg you own a BTL, live in rented and decide to buy a residence to live in instead of renting.

    :D

    Interesting point.
    So in this example, the buyer would pay extra SDLT on the property they buy to live in?

    Obvious way to avoid is by moving into one of their BTL properties?
  • Red_Spider
    Red_Spider Posts: 72 Forumite
    always_sunny wrote: »
    Might be quicker to list which countries have SDLT like the UK... most countries would have property tax (fair enough) to register the purchase. Other countries would also have additional taxes like Council Tax (fair enough)... but SDLT is a tax on top of a tax!

    I know some countries don't allow foreign citizens to buy property at all...
  • always_sunny
    always_sunny Posts: 8,314 Forumite
    is there a definition of 'main residence'?
    EU expat working in London
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