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Stamp duty - what counts as additional property?
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shining_tor
Posts: 3 Newbie
Hi all,
I would've thought that this was quite a simple question but a chat with the NatWest has just confused me, as have HMRC!
I have two properties which are both let out and will remain so. I currently rent my own main residence, so I don't own my residence.
I am planning to buy a property that will be my main residence - (although will still probably have to continue to rent city-based digs for working). Will this count as an additional property for stamp duty purposes? I was assured by the NatWest it wouldn't as it would be my main residence and not a buy-to-let.
And secondly, as the price is £125,000 if it does count as an additional property I won't gain from the recent stamp duty changes?
Many thanks!
ST.
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Comments
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Natwest are wrong.* You currently own 2 properties.* after this transation you will own 3* you are not disposing of (selling) your main residence* you pay the additional SDLT
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Very basic from the information provided, yes you pay the additional rate (3%).
There are more complications if you have previously owned a property, had it as main residence, disposed of this asset, and are now renting. i.e. you had 3 properties, 2 were let out, 1 was main residency, you disposed (sold) of the main residency to rent where you are now and are now buying a new place (the 3 year rule).0 -
Thanks guys - that is what I thought, and indeed thought to be clear. But the NatWest were very adamant!Cheers!st0
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Which is why you don't ask your bank to calculate your tax liability...
What are the qualifications of your NatWest adviser?No free lunch, and no free laptop
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