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New Higher Rate Stamp Duty
Sootoo
Posts: 26
Forumite
We currently live in Bulgaria and are going to buy my brother's house for £80,000 to move back to. I've seen that we'll be liable for stamp duty on all the £80,000 as it's a second home, however, our home in Bulgaria is only worth about £30,000 - do we still have to pay the stamp duty?
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Comments
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Short answer - yes, long answer ends with yes also.0
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IMHO, no.
In a recent case, where the OP's share in another property was less than £40k in value, HMRC ignored it.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Okay - I read somewhere that if it the house is worth less than £40,000 it's exempt from stamp duty - presumably this was talking about the property that is being bought and not pre-owned ones.0
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I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Just an update on this. I've rung HMRC and we don't have to pay the stamp duty because we had to buy this house in Bulgaria via a company, which were the rules at the time, and, as a company is considered a separate legal entity there is no stamp duty payable on the new house in UK.0
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