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stamp duty query
ishouldbehappy
Posts: 15 Forumite
We currently live in property 1 as our main property, we have another property which is a residential letting,
We are now in the process of relocating to another part of the country so may buy another property as our main house - I assume we will pay the additional property stamp duty rate.
We would then sell property 1 - can we reclaim the higher rate stamp duty at this point?
Ultimately we will sell the rental property as well.
hope someone can explain
We are now in the process of relocating to another part of the country so may buy another property as our main house - I assume we will pay the additional property stamp duty rate.
We would then sell property 1 - can we reclaim the higher rate stamp duty at this point?
Ultimately we will sell the rental property as well.
hope someone can explain
0
Comments
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Is the property you are buying in England, so it is stamp duty land tax at issue?ishouldbehappy said:We currently live in property 1 as our main property, we have another property which is a residential letting,
We are now in the process of relocating to another part of the country so may buy another property as our main house - I assume we will pay the additional property stamp duty rate.
We would then sell property 1 - can we reclaim the higher rate stamp duty at this point?
Ultimately we will sell the rental property as well.
hope someone can explain
If so, then yes, it sounds likely that the extra 3% will be due when you complete the purchase, but will be recoverable if you complete the sale within three years.2 -
yes the property is in England, is the additional stamp duty recoverable on the sale of property 1 (our current main property) or the rental sale?0
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ishouldbehappy said:yes the property is in England, is the additional stamp duty recoverable on the sale of property 1 (our current main property) or the rental sale?
Your current main property
2 -
On the sale of the your former main residence.ishouldbehappy said:yes the property is in England, is the additional stamp duty recoverable on the sale of property 1 (our current main property) or the rental sale?How long have you both lived there?1 -
we've lived in it for 8 years0
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Good, so there should be doubt that it counts as your “only or main residence”.ishouldbehappy said:we've lived in it for 8 years1 -
I think you have 3 years between buying your new main residence and selling your old main residence to claim back the additional 3% stamp duty you will have to pay0
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