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stamp duty question... help!?
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JW123456789 wrote: »Thanks for your comments however rude they are.
i had read the explanation however i didn't feel it was clear enough and wanted to check. Our solicitor also wants 100% and has gone away to check to.
The other properties are to small and wouldn't fit myself and my children in and that is why we are buying another one.
I would spend a year or so in one of them just to save thousands of pounds of SDLT. Even if they were just 1 bedroom flats I would make do for the sake of so much money at stake. You can fit several children in one bedroom and you and your partner can sleep in the living room. If you've got more than 3 children it might be a bit of a squeeze but with just 2 children it'll be fine for a year.
You don't have to of course....you're welcome to pay the extra 3% SDLT on the purchase.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
I would spend a year or so in one of them just to save thousands of pounds of SDLT. Even if they were just 1 bedroom flats I would make do for the sake of so much money at stake. You can fit several children in one bedroom and you and your partner can sleep in the living room. If you've got more than 3 children it might be a bit of a squeeze but with just 2 children it'll be fine for a year.
You don't have to of course....you're welcome to pay the extra 3% SDLT on the purchase.
Technically, according to a CGT case booksuur posted the other day, residence is qualitative rather than quantitative. That is, the fact that someone didn't intend to live in the house for the long term would mean it would not be their "residence". The fact that the house might be regarded as an unsuitable size for their needs would also be taken into consideration.
http://www.bailii.org/uk/cases/UKFTT/TC/2013/TC02827.html
OK, this was CGT and not SDLT, but the case related to the definition of "residence" rather than the mechanics of the particular tax. So I think the same interpretation would be valid for SDLT.
In short, temporarily moving in to a property does not make it your "residence" according to case law."Real knowledge is to know the extent of one's ignorance" - Confucius0
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