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Do we qualify for zero stamp duty
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Mumili
Posts: 13 Forumite
Currently, we live in a 3-bed rental house. We also own a 2 bed flat that we rent out in a different city. Our goal is to buy our main home before the stamp duty holiday expires.
My question is: If we buy a house (around £400K mark) without selling the flat, do we qualify for the zero stamp duty?
Sorry if this has been answered before.
Thank you
My question is: If we buy a house (around £400K mark) without selling the flat, do we qualify for the zero stamp duty?
Sorry if this has been answered before.
Thank you
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Comments
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Yes you qualify for SDLt holiday but pretty sure you are still going to have to pay the 3% uplift for purchase of a second property.0
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I think you might have to pay CGT as well, as was looking into that myself.
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CGT isn't ever payable on purchases, only on sales.powerful_Rogue said:I think you might have to pay CGT as well, as was looking into that myself.
Yes, +3% SDLT - you own one property now, you will own two at the end. You are not selling your residence, because you don't own it, so no reclaim scope.
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You are buying a second residential property - so you will.have to pay +3%. So ~£12,000 SDLT.Mumili said:Currently, we live in a 3-bed rental house. We also own a 2 bed flat that we rent out in a different city. Our goal is to buy our main home before the stamp duty holiday expires.
My question is: If we buy a house (around £400K mark) without selling the flat, do we qualify for the zero stamp duty?
Sorry if this has been answered before.
Thank you
You will however benefit from stamp duty holiday.1 -
My mistake, read that as selling the flat, but clearly it's not!AdrianC said:
CGT isn't ever payable on purchases, only on sales.powerful_Rogue said:I think you might have to pay CGT as well, as was looking into that myself.
Yes, +3% SDLT - you own one property now, you will own two at the end. You are not selling your residence, because you don't own it, so no reclaim scope.
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