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Buying and selling on same day - liable for stamp duty surcharge?
Just trying to get my head around the SDLT rules. We are selling a flat we have never lived in (bought while abroad and childless. Came back to UK with two children) and purchasing a house valued less than £500k that will be our main residence. We understand we will have to pay Capital Gains tax on the sale of the flat as we have never lived in it. However, we are hoping we will not have to pay any stamp duty if we complete prior to 31st March 2021. Currently we are due to complete both the sale and the purchase on the same day next week. So my question is do HMRC consider this type of transaction as the purchase cancelling out the sale and therefore we would only own one property and not be subject to a second home SDLT surcharge?
Many thanks,
Littlemiss
Comments
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You would only own one property at any given moment in time.
1 -
The 3% SDLT surcharge is judged against whether you have other property interests "at the end of the day" that the purchase completes. So if you have no other properties, then the 3% surcharge will not apply.3
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