Would I Be Classed as FTB for Stamp Duty?

00ec25

Nicosy wrote: »

If your house goes through prior to taking on your parents flat then you'll be liable for an extra 3%+ stamp duty tax surcharge on additional properties over £40,000.

There's a really comprehensive write up on the new stamp duty rules, including for FTBs and second homes on lifetise dot com /new-stamp-duty-rates/ (won't let me post the link as a noob!)

now that it has been established this is a mixed use property then sorry but what you have written is wrong

there is no higher rate SDLT for mixed use, there is a fixed, but totally different scale

https://www.gov.uk/stamp-duty-land-tax/nonresidential-and-mixed-use-rates

n15h wrote: »

I looked at the info on that website. Based on that, I've calculated SD to be £7500 i.e.

you need to do the calculation again - also take note of the extra that may be needed if there is a rental element as well as a lease element.

Nicosy

It certainly is, but I agree with one of the posters above that your parents should chip in considering you're helping out. You can work out the net cost (and amount saved) and share it based on your means.