We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
First home of main residence but own other homes, do i still need to pay stamp duty?
ss1591ss
Posts: 33 Forumite
So I have 2 existing properties, 1 x BTL and 1 that i have inherited but do not live in however I am yet to buy my first home to live in as my home of main residence
I have looked at this:
which.co.uk/money/mortgages-and-property/home-movers/stamp-duty/stamp-duty-calculator-ar7uu5s1fycx
which suggests I pay £0 SDLT for an 80-100k house based on my current situation
So do I still need to pay stamp duty if i next buy my first home of main residence?
I have looked at this:
which.co.uk/money/mortgages-and-property/home-movers/stamp-duty/stamp-duty-calculator-ar7uu5s1fycx
which suggests I pay £0 SDLT for an 80-100k house based on my current situation
So do I still need to pay stamp duty if i next buy my first home of main residence?
0
Comments
-
You will pay 3% SDLT surcharge since you are buying an additional property. The fact that it is the first one you will live in is not relevant.0
-
You are buying an additional property. You are not selling your current main residence and buying a replacement main residence.
+3% SDLT, on top of 0% for a £90k property.
Try the official SDLT calculator...
https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
Result: £2,700 on £90k.0 -
Yes At 3% I believe0
-
I have used the HMRC calculator and get £0 as follows:
Will the purchase of the property result in owning two or more properties?
Yes
Is the property being purchased replacing your main residence?
Yes - my main residence is not owned by me0 -
wrongI have used the HMRC calculator and get £0 as follows:
Will the purchase of the property result in owning two or more properties?
Yes
Is the property being purchased replacing your main residence?
Yes - my main residence is not owned by me
"replacing" a main home means you had one in the first place.... you don't own one, so you cannot be replacing it can you!
you own 2 properties, neither of which you live in, and neither of which you are selling. You have no existing main home at all.
therefore, however much you deny it, you are NOT REPLACING anything
try reading the proper guidance:
https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property
you will pay the higher rate SDLT
3% on £0 - £125k
5% on the amount between £125k - £250k0 -
Just to clarify
But the result is the same. You will pay the 3% SDLTwrong
"replacing" a main home means you had one in the first place.... you don't own one, so you cannot be replacing it can you!
you own 2 properties, neither of which you live in, and neither of which you are selling. You [STRIKE]have no[/STRIKE]do not own your existing main home at all.
therefore, however much you deny it, you are NOT REPLACING anything
try reading the proper guidance:
https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property
you will pay the higher rate SDLT
3% on £0 - £125k
5% on the amount between £125k - £250k0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards