Stamp duty +3%?

Trunks1983

Hello,

I am French, and I have bought my main property in France.
Then I have move to London, have rent my French property and now become tenant in London.
Am I considered as a second buyer and then add +3% on the duty stamp bands?

Then, for a property of £500k, it would be £30k (instead of £15k).

Thanks

00ec25

if your French property is worth more than £40,000 then yes, you must pay +3%

you own 1 property
you are going to buy an additional property
you will end up owning 2 properties and therefore must pay the higher rate

Trunks1983

Thank you for confirming
Have to get additional savings

AnotherJoe

You say you are renting in London? "Become a tenant"
The extra 3% is for buying.

Slinky

AnotherJoe wrote: »

You say you are renting in London? "Become a tenant"
The extra 3% is for buying.

I'm reading this as s/he's currently renting in London and seeking to buy.

Snakes_Belly

When you sell the property you will be charged capital gains tax on profit over the CGT threshold. You may be able to offset the stamp duty against CGT.

AnotherJoe

Slinky wrote: »

I'm reading this as s/he's currently renting in London and seeking to buy.

You could read it that way, and obviously English is OP's second language, but its not what they've written nor do they state they are looking at buying.

When you sell the property you will be charged capital gains tax on profit over the CGT threshold. You may be able to offset the stamp duty against CGT.

That will be incorrect if the OP is buying a residence in London, eg a place they live in as their main home.

davidmcn

AnotherJoe wrote: »

You could read it that way, and obviously English is OP's second language, but its not what they've written nor do they state they are looking at buying

If what they buy is a long leasehold interest then they will be a tenant, albeit that's not what we usually call them.

Slinky

AnotherJoe wrote: »

You could read it that way, and obviously English is OP's second language, but its not what they've written nor do they state they are looking at buying.



That will be incorrect if the OP is buying a residence in London, eg a place they live in as their main home.

They've mention the sum of £500K, that would suggest they are looking to buy.