SDLT / First Time Buyer

TonyOK96

Hello,

I wondered if anybody could help me regarding the amount of Stamp Duty Land Tax I need to pay, it is quite complicated and i'm not sure. I haven't seen a mortgage advisor or solicitor/lawyer just yet.

I'm 21, just finished university and still living with my mum living in her privately rented home. When i was 19 I inherited some money from a family member and invested it into property to rent out due to how the market is in my area. Each property I've had a Buy To Let Mortgage and paid higher rate stamp duty. However, now i want to buy my own place to live in with family i don't know whether i should be paying the Higher Rate or not? This is effectively my first home that i reside in, but still have other properties i rent out. The 4 properties I bought were 120-140k so stamp duty averaged at 4-5k. The property i want to buy for myself and family to now live in is 225k so would be around 8.5k tax.


Does anybody know much about this or can advise?

Thanks,

Antony

anselld

The second home SDLT surcharge will apply. You are not a first time buyer as you already own several residential properties even though you don't live in them.

Pixie5740

You already own multiple properties therefore you cannot be a first time buyer, not in the eyes of the government anyway. Since you are planning to purchase an additional residential property the higher rate of SDLT for the purchase of residential properties will apply.

Unless you purchased any of your BTL after 1st April 2016 you would not have paid the higher rate of SDLT for the purchase of additional residential properties?