stamp duty on buying current home

supa34

Hi Guys,
Its my first post on here so please excuse any mistakes. I have used the forums before using search option and its always helped me. But this time i couldn't find solution.

i am looking to buy the house I have always lived in, initially with parents and currently with mum. I do own other properties which i rent out but this house has always been my main residence. If i buy the house from my mother and continue living in the house, do i still need to pay the extra stamp duty, as currently it is my main residence and after buying it it will still be my main residence.

The new rule has me really confused.

Thanks in advance for your time.

buglawton

You probably will have to, welcome to the world of stealth taxes. Remember to register your opinion at the next general election.

Pixie5740

The new(ish) tax is simple and has already been explained many, many times on the forum. It's a tax for buying additional residential properties. You will own more residential properties at the end of the transaction than you currently do therefore you are purchasing an additional residential property and the higher rate of SDLT will apply.

marliepanda

you're renting your home. You're disposing of the rental element and buying it.

You're not selling and replacing your main residence.

You will own more property after the transaction. Someone replacing their main residence has an equal number of property after.

Yes you'll pay the extra stamp duty.

davidmcn

buglawton wrote: »

Remember to register your opinion at the next general election.

Has anyone said they would abolish it?

Victor_the_Gink

eggha wrote: »

assuming you do not already own even the tiniest fraction of your mother's house then the fact you live in it as your main residence is irrelevant.

You are expanding your personal property empire and so are taxed at the higher rate, as explained very clearly in the SDLT guide which is readily accessible via google.
https://www.gov.uk/government/publications/stamp-duty-land-tax-higher-rates-for-purchases-of-additional-residential-properties

The word empire gave it away...hello booksurr. I thought you were banned?

supa34

Thanx for the help guys. Great help. Extra stamp duty it is then. Any loopholes?

Pixie5740

supa34 wrote: »

Thanx for the help guys. Great help. Extra stamp duty it is then. Any loopholes?

There's a way to avoid the higher rate of SDLT. Dispose of all your other properties before purchasing your mum's house.