Stamp Duty and the new rules comming in Question

divecomuk

Hi All, We are planning to purchase a new home, which would become our main residence. We are then planning to either
sell or rent our current home either way it won’t be sold before the 1st of April.
Our question is would it make any difference to the amount of stamp duty under the new rules, as in effect we will have two
Properties for a short time? Particularly as we aren’t buying a house to let.

Thanks In Advance

Miss_Liquorice

Is the new property being purchased before 1st April? If so, then there isn't any implications.


If you buy after 1st April (and before 1st house sells) you will need to pay the additional 3% stamp duty. If you sell the 1st property within 18 months of completing the purchase of the new property, you can claim the additional stamp duty back as you've bought a main residence and sold a main residence.


If you don't sell the first house within 18 months then the additional stamp duty can't be reclaimed.

G_M

The rules are not yet confirmed, so advice is based on the planned rules which may change.

If you Complete your purchase of 2nd property after 1st april, you'll pay extra SDLT.

You can claim it back if you sell your 2nd property within 18 months.

If you let your 2nd property, you can't claim the SDLT back.

divecomuk

Thanks all, it's looks doubtful that we will complete before the 1st of April.
So I assume I’ll get hit with the higher rate stamp duty.