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Advice with second house tax in Scotland.
JC2005
Posts: 42 Forumite
Hi we are selling our rental property at the moment. We are planning buying a new house to live in, and at the same time sell your main home. What tax will we be due if our rental property is not sold in time. Our main house will be sold before we buy . Rental property is up for sale for £160000. Our main home is valued at £300000, and the house we are interested in is up for sale at £380000. Thanks
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Comments
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just the normal rate of LBTT, you’ll fall under the “replacing main residence” relief as long as the sale/purchase aren’t more than 3 years apart. Doesn’t matter if/when you sell the rental.2
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Thanks for your reply.0
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Just to make sure I am living in Scotland and all the above houses are in Scotland. Sorry if I never made this clear.0
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You are replacing your main residence. Doesn't matter which side of the border you or the properties are.If you've have not made a mistake, you've made nothing1
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