Stamp Duty Calculator

19881989

Hello,
Was hoping somebody could confirm the stamp duty i would need to pay for a property purchase.
I am currently living with parents and currently own a residential property on a buy-to-let mortgage - purchased in 2017 for £425k. I paid £11,250 stamp duty on this property.
I am now looking to buy my second property and move into in when i get married later this year. As I will be living in this new property, will stamp duty be payable? And at what rate will it be payable - are we entitled to benefit from the stamp duty holiday?

Please advise

Thank you   

mattyprice4004

Yes, as a 2nd home you'll pay 3% at the moment up to £500,000 if I remember correctly.

Don't quote me on that - have a Google and you'll find the current rates including exemptions.

steampowered

Yes, higher rate stamp duty will be payable. The only way to avoid that would be to sell your BTL.

There is a "replacement of main residence" exemption from higher rate SDLT which applies where you are selling your main residence and buying a new main residence. As you are not selling anything, the exemption does not apply.

AdrianC

You own one property now.
You will own two properties after the transaction. You will pay +3% on top of the basic SDLT - currently zero.

If you sell the first property within three years, there's no refund, because it's not your primary residence.

19881989

Great thanks for clarification. 

sweetsand

19881989 said:

Hello,
Was hoping somebody could confirm the stamp duty i would need to pay for a property purchase.
I am currently living with parents and currently own a residential property on a buy-to-let mortgage - purchased in 2017 for £425k. I paid £11,250 stamp duty on this property.
I am now looking to buy my second property and move into in when i get married later this year. As I will be living in this new property, will stamp duty be payable? And at what rate will it be payable - are we entitled to benefit from the stamp duty holiday?

Please advise

Thank you   

Dear OP
I have good news for you
you will not be paying any stamp duty and I think the others all forgot for you main property.
You will pay just the 3% for the second home up to 500k and this is what you were looking at.
Here
https://www.bbc.co.uk/news/business-53319433
ATB

Slithery

sweetsand said:

19881989 said:

Hello,
Was hoping somebody could confirm the stamp duty i would need to pay for a property purchase.
I am currently living with parents and currently own a residential property on a buy-to-let mortgage - purchased in 2017 for £425k. I paid £11,250 stamp duty on this property.
I am now looking to buy my second property and move into in when i get married later this year. As I will be living in this new property, will stamp duty be payable? And at what rate will it be payable - are we entitled to benefit from the stamp duty holiday?

Please advise

Thank you   

Dear OP
I have good news for you
you will not be paying any stamp duty and I think the others all forgot for you main property.

Inccorrect. From the article that you linked to...

Landlords and second home buyers are also eligible for the tax cut but will still have to pay the extra 3% of stamp duty they were charged under the previous rules.

sheramber

sweetsand said:

19881989 said:

Hello,
Was hoping somebody could confirm the stamp duty i would need to pay for a property purchase.
I am currently living with parents and currently own a residential property on a buy-to-let mortgage - purchased in 2017 for £425k. I paid £11,250 stamp duty on this property.
I am now looking to buy my second property and move into in when i get married later this year. As I will be living in this new property, will stamp duty be payable? And at what rate will it be payable - are we entitled to benefit from the stamp duty holiday?

Please advise

Thank you   

Dear OP
I have good news for you
you will not be paying any stamp duty and I think the others all forgot for you main property.
You will pay just the 3% for the second home up to 500k and this is what you were looking at.
Here
https://www.bbc.co.uk/news/business-53319433
ATB

All posters have referred to additional second charge only. 

you contradict yourself
you will not be paying any stamp duty 
You will pay just the 3% for the second home up to 500k

SpiderLegs

Highly respected eh.

oldbikebloke

sweetsand said:

19881989 said:

Hello,
Was hoping somebody could confirm the stamp duty i would need to pay for a property purchase.
I am currently living with parents and currently own a residential property on a buy-to-let mortgage - purchased in 2017 for £425k. I paid £11,250 stamp duty on this property.
I am now looking to buy my second property and move into in when i get married later this year. As I will be living in this new property, will stamp duty be payable? And at what rate will it be payable - are we entitled to benefit from the stamp duty holiday?

Please advise

Thank you   

Dear OP
I have good news for you
you will not be paying any stamp duty and I think the others all forgot for you main property.
You will pay just the 3% for the second home up to 500k and this is what you were looking at.
Here
https://www.bbc.co.uk/news/business-53319433
ATB

if you are going to post about tax matters, please make sure you know what you are talking about so you GET IT RIGHT

you obviously don't if your source is misread BBC articles. I suggest you learn the following as many of those who post on here do know what they are talking about re tax
https://www.gov.uk/hmrc-internal-manuals/stamp-duty-land-tax-manual

Sweetpea2010

I recently bought a new home and there was a time delay in selling my flat, that meant i paid stamp duty to my solicitor. It was two weeks later when i went to claim back my stamp duty and i discovered the solicitor had not paid the stamp duty. Honest mistake according to her!