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Stupid Stamp Duty Question
barnstar2077
Posts: 1,651 Forumite
Hi,
The Stamp Duty calculator website says that for a second home in England you have to pay 3% stamp duty. It also says that buy to let properties incur a 3% surcharge which they did not used to, but there is no tick box to include that in the calculation. Am I right in thinking that if I buy a property on a buy to let mortgage for 115k that I will have to pay 6% stamp duty?
Cheers
The Stamp Duty calculator website says that for a second home in England you have to pay 3% stamp duty. It also says that buy to let properties incur a 3% surcharge which they did not used to, but there is no tick box to include that in the calculation. Am I right in thinking that if I buy a property on a buy to let mortgage for 115k that I will have to pay 6% stamp duty?
Cheers
Think first of your goal, then make it happen!
0
Comments
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barnstar2077 wrote: »Hi,
The Stamp Duty calculator website says that for a second home in England you have to pay 3% stamp duty. It also says that buy to let properties incur a 3% surcharge which they did not used to, but there is no tick box to include that in the calculation. Am I right in thinking that if I buy a property on a buy to let mortgage for 115k that I will have to pay 6% stamp duty?
Cheers
Which SDLT calculator, there are lots of them available online?
Do you have any interests worth more than £40k in any other residential properties?0 -
Whether the property is let, or how it's financed are irreverent. If you already own a property, and you buy another*, then the additional rates apply. This is an extra 3%.
However, the standard rate for a £115K property is nil. Therefore it's 3% with the additional rate.
*unless you're replacing your main home."Real knowledge is to know the extent of one's ignorance" - Confucius0 -
So I only pay 3%, regardless of whether or not my second property will be a buy to let or not?
stampdutycalculator dot org dot uk
It won't let me post the full link, which is fair enough.Think first of your goal, then make it happen!0 -
barnstar2077 wrote: »So I only pay 3%, regardless of whether or not my second property will be a buy to let or not?
stampdutycalculator dot org dot uk
It won't let me post the full link, which is fair enough.
No. What I originally said. You're paying the additional rate, but assuming its a £115K property, the standard rate on that is nil.
The calculator on the site you posted is correct. Just you can't calculate percentages."Real knowledge is to know the extent of one's ignorance" - Confucius0 -
No. What I originally said. You're paying the additional rate, but assuming its a £115K property, the standard rate on that is nil.
The calculator on the site you posted is correct. Just you can't calculate percentages.
You appear to have just said "no" and then confirmed what he said. I don't see where he has even attempted to calculate percentages. His question was whether he needs to pay 3% for it being a second home, and then another 3% for it being a buy to let.0
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