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Stamp Duty Surcharge
Jaspreet
Posts: 1 Newbie
Hi,
Hope someone can clarify something for me,
If Bill owns 6 properties, 1 being his main residential property, which he replaces with a new residential property then he will avoid paying the 3% surcharge and pay only the basic rate?
If Ben lives with his parents however had the sense to invest his money into a BTL property and is now looking to buy a property of his own to live in, he will have to pay the 3% surcharge? His main residence has been with his parents who own the property, he cannot ask them to sell it to avoid the surcharge. Ben also does not want to sell his BTL as it is a sound investment or he does not want to move into it either yet a person who owns 6 properties as opposed to a person who will own only 2 will be penalised for the purchase. How does this make any sense?
Ben is now simply in a position where he has saved enough to purchase his own residential property rather than living with his parents.
Hope someone can clarify something for me,
If Bill owns 6 properties, 1 being his main residential property, which he replaces with a new residential property then he will avoid paying the 3% surcharge and pay only the basic rate?
If Ben lives with his parents however had the sense to invest his money into a BTL property and is now looking to buy a property of his own to live in, he will have to pay the 3% surcharge? His main residence has been with his parents who own the property, he cannot ask them to sell it to avoid the surcharge. Ben also does not want to sell his BTL as it is a sound investment or he does not want to move into it either yet a person who owns 6 properties as opposed to a person who will own only 2 will be penalised for the purchase. How does this make any sense?
Ben is now simply in a position where he has saved enough to purchase his own residential property rather than living with his parents.
0
Comments
-
Correct.
The extra stamp duty is for additional properties, it was never intended to effect anyone simply replacing their main residence.0
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