We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Second Property Tax
missk86
Posts: 1 Newbie
Hello everyone,
This is my first post so apologies if I repeat or miss any details
My husband and I have had our flat on the market since August. We have had an interested party but they couldn't get a mortgage. Typical of a situation like this, we have of course found a house we are extremely keen to purchase.
Having looked closely at the figures, we would be able to purchase the house without selling our flat. We have no desire to keep it as a rental, we wish to sell it. Our only issue has arisen with the second property tax. I know we get it back if we sell the flat within 18 months but it is quite an outlay in the first instance. Is it payable in all circumstances? Even if we aren't making a profit etc off the flat? It will literally be lying empty with new house being our home.
I look forward to hearing of your experiences of this.
Thank you in advance.
This is my first post so apologies if I repeat or miss any details
My husband and I have had our flat on the market since August. We have had an interested party but they couldn't get a mortgage. Typical of a situation like this, we have of course found a house we are extremely keen to purchase.
Having looked closely at the figures, we would be able to purchase the house without selling our flat. We have no desire to keep it as a rental, we wish to sell it. Our only issue has arisen with the second property tax. I know we get it back if we sell the flat within 18 months but it is quite an outlay in the first instance. Is it payable in all circumstances? Even if we aren't making a profit etc off the flat? It will literally be lying empty with new house being our home.
I look forward to hearing of your experiences of this.
Thank you in advance.
0
Comments
-
Yes it's payable in all circumstances and you have 36 months not 18 months to sell the current property. It's all covered in HMRC's guidance note.
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/570876/SDLT_Higher_rates_for_additional_properties.pdf0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604.1K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards