Stamp Duty for Additional Property

rosewoodspa

I have just bought a second property for £150,000. According to the Gov UK stamp duty calculator the stamp duty is £4,500 but my solicitor is saying £5,000. Which is correct? I'd obviously prefer to pay the smaller amount. 

SDLT_Geek

£4,500 during the holiday.  If it completed after the holiday it would be £5,000.

saajan_12

rosewoodspa said:

I have just bought a second property for £150,000. According to the Gov UK stamp duty calculator the stamp duty is £4,500 but my solicitor is saying £5,000. Which is correct? I'd obviously prefer to pay the smaller amount. 

Depends on when you actually purchase the property. 
Until 31st March: holiday on the 'normal' SDLT so its just 3% x £150k = £4,500
From 1st April: Additional SDLT = 3% x £150k = £4,500 and Normal SDLT = 0% on first 125k + 2% on the remaining 25k = £500. So total £5,000

macman

'Have just bought'. Does that mean you have, exchanged, completed, or just had an offer accepted?
To get the lower rate, you must complete by 31/3.
If you have already completed and your completion statement shows £5,000, then your conveyancer is incompetent.

rosewoodspa

We've purchased but bill shows £5000 on stamp duty form they've sent to sign!! We'd already paid but I was doubling checking everything. Completion was 22nd December

saajan_12

rosewoodspa said:

We've purchased but bill shows £5000 on stamp duty form they've sent to sign!! We'd already paid but I was doubling checking everything. Completion was 22nd December

Then they're wrong. Ask your solicitor why they haven't applied the Stamp Duty Holiday and tell them to correct the stamp duty forms. 

rosewoodspa

Have got them to agree they've done it wrong! Took several emails though so I'm glad I persevered. Just got to get them to refund it to me now!