We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
2nd stamp duty query
LutonGuy
Posts: 33 Forumite
Hi guys,
I need some opinions.
I currently own 50% share in a Ltd company that owns a buy-to-let property. This property is currently rented. It was my residence a year ago but because of circumstances, I have to move out & I am currently living in a rented property.
I am now planning to buy a residential property for myself. Will I a) be treated as a first time buyer? b) have to pay 3% extra stamp duty?
I need some opinions.
I currently own 50% share in a Ltd company that owns a buy-to-let property. This property is currently rented. It was my residence a year ago but because of circumstances, I have to move out & I am currently living in a rented property.
I am now planning to buy a residential property for myself. Will I a) be treated as a first time buyer? b) have to pay 3% extra stamp duty?
0
Comments
-
Having shares in a company doesn't mean you're personally a property owner for stamp duty purposes. If you've never owned a property anywhere in your own name then yes, you're still a first time buyer.
1 -
Are you buying in England? If so the relevant stamp duty is stamp duty land tax.LutonGuy said:Hi guys,
I need some opinions.
I currently own 50% share in a Ltd company that owns a buy-to-let property. This property is currently rented. It was my residence a year ago but because of circumstances, I have to move out & I am currently living in a rented property.
I am now planning to buy a residential property for myself. Will I a) be treated as a first time buyer? b) have to pay 3% extra stamp duty?
Owning shares in a property owning company does not count as owning a “major interest” in a property (which is what is relevant for the 3% extra SDLT and first time buyers relief).
You did not own a share in the property directly before it went into the company?
You do not have a spouse or civil partner who owns a property?
You will live in the property you are buying as your only or main residence?0 -
Thanks for replyingSDLT_Geek said:
Are you buying in England? If so the relevant stamp duty is stamp duty land tax.LutonGuy said:Hi guys,
I need some opinions.
I currently own 50% share in a Ltd company that owns a buy-to-let property. This property is currently rented. It was my residence a year ago but because of circumstances, I have to move out & I am currently living in a rented property.
I am now planning to buy a residential property for myself. Will I a) be treated as a first time buyer? b) have to pay 3% extra stamp duty?
Owning shares in a property owning company does not count as owning a “major interest” in a property (which is what is relevant for the 3% extra SDLT and first time buyers relief).
You did not own a share in the property directly before it went into the company?
You do not have a spouse or civil partner who owns a property?
You will live in the property you are buying as your only or main residence?
Are you buying in England? If so the relevant stamp duty is stamp duty land tax.
Yes buying in England
Owning shares in a property owning company does not count as owning a “major interest” in a property (which is what is relevant for the 3% extra SDLT and first time buyers relief).
What constitutes a “major interest” ?
You did not own a share in the property directly before it went into the company?
I was the owner of the property & was living in the property as the main residence before it went to the company.
You do not have a spouse or civil partner who owns a property?
Correct
You will live in the property you are buying as your only or main residence?
Correct.0 -
So you're definitely not a first time buyer.LutonGuy said:
I was the owner of the property...before it went to the company.SDLT_Geek said:
Are you buying in England? If so the relevant stamp duty is stamp duty land tax.LutonGuy said:Hi guys,
I need some opinions.
I currently own 50% share in a Ltd company that owns a buy-to-let property. This property is currently rented. It was my residence a year ago but because of circumstances, I have to move out & I am currently living in a rented property.
I am now planning to buy a residential property for myself. Will I a) be treated as a first time buyer? b) have to pay 3% extra stamp duty?
Owning shares in a property owning company does not count as owning a “major interest” in a property (which is what is relevant for the 3% extra SDLT and first time buyers relief).
You did not own a share in the property directly before it went into the company?
You do not have a spouse or civil partner who owns a property?
You will live in the property you are buying as your only or main residence?1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.4K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.4K Work, Benefits & Business
- 599.7K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards