Second property tax Scotland

Donnalennon · 9 April 2018 at 7:46PM

Wondering if anyone has any advice.

I joking own a flat with my husband which is interest only and in around 10-15k negative equity bought for 92,500 would be lucky if I can get 80k if I sell it.

We out grew it and so rent it out and lived in a private let and ended up using having to use credit cards to live due to repairs, higher rent etc. Now we have moved in with family to try to clear our feet.

So, just trying to figure out how much I should be aiming to save. Will I will have to pay second property tax if I buy something else? I think I read before that if you were moving to a main residence then you don’t have to pay it, I can’t find that anywhere when I am searching now though. Any advice would be great x

amnblog · 9 April 2018 at 8:35PM

You pay second property tax if you start the day owning one property and end it owning two.

Donnalennon · 10 April 2018 at 1:08AM

Was there ever something about moving from a main residence to a main residence is what I am asking. I would get rid of that property if I could afford to !!!128557;

scottishblondie · 10 April 2018 at 7:43AM

Yes if you are disposing of your main residence and buying a new one then the surcharge does not apply, even if you own other properties. However, as you are not disposing of (selling) a main residence you are liable for the surcharge. There is no way around it other than to sell the flat before proceeding with any purchase.